- Shiba Inu has more than 2.3 million holders with whale holders fueling the long-term bullish perspective.
- Nonetheless, Shiba Inu’s price is down more than 91 percent from its ATH achieved during 2021’s crypto bull market.
Less arguably, the striking initial growth of Shiba Inu (SHIB) remains at the back of most cryptocurrency traders. As the second most valuable meme coin and the top-rated meme coin on the Ethereum network, Shiba Inu is slated for exponential growth in the future. More so due to its deep liquidity across most markets. Additionally, the Shiba Inu developers are currently working on a layer two (L2) scaling solution dubbed the Shibarium network.
Once the Shibarium network launches its mainnet, the Shiba ecosystem will significantly benefit for several reasons. One is the ability for the Shiba Inu users to build scalable DeFi projects that gives the ecosystem’s tokens a direct utility. The second is an obvious reason, whereby more Shiba Inu tokens will be burned through Shibarium transactions, thus guaranteeing value addition.
Nonetheless, the Ethereum-based meme coin continues to enjoy global adoption amid crypto mainstream usage.
Shiba Inu Market Outlook
As a top-rated digital asset, the Shiba Inu ecosystem enjoys more than 2.3 million holders according to on-chain data. Currently, nearly half of the Shiba Inu tokens, amounting to about 41 percent of the total circulating supply, have been sent to the burn address. As a result, the remaining Shiba Inu tokens have been shared across the market with whales and retail traders.
For instance, two of Binance exchange’s wallets hold nearly 8 percent of the total Shiba Inu tokens. As a result, Shiba Inu’s market capitalization has held steadily amid the crypto bear market. According to our latest crypto market data, Shiba Inu had a total valuation of about $7.34 billion and a 24-hour traded volume of approximately $111 million.
Notably, the market capitalization of the total circulating supply of Shiba Inu tokens was about $4.32 billion on Wednesday. Thereby making Shiba Inu a medium-cap crypto market project with significant upside potential.
According to market analytics provided by Binance-backed Coinmarketcap, the number of Shiba Inu addresses holding less than $1k are more than 1 million, while whale accounts with more than $100k are only 2.5k.
With the crypto market bull market expected to begin after next year’s Bitcoin halving, Shiba Inu is well positioned for more adoption in subsequent years.
Price Action
Shiba Inu price is currently precariously hanging on a support level that has held since the onset of the crypto bear market earlier last year. As a result, experts argue the digital asset has a high chance of consolidating around the current levels until a solid breakout is secured. Historically, Shiba Inu’s price has rebounded after every four months of a consecutive bear market.
Moreover, the weekly Shiba Inu RSI shows an oversold digital asset that could be a signal of a possible reversal in the near term. Nonetheless, a continued crypto bearish outlook could push Shiba Inu’s price towards the next major support level around $0.0000054, before the bulls regain momentum.
