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- Shiba Inu wallets holding balances are reported to have surged to 1.38 million, adding 100,000 wallets in 2024.
- A renowned analyst has predicted that the asset could surge by 264% to hit $0.000081 in the near-term.
Shiba Inu (SHIB) records growing engagement and adoption as 100,000 new holders entered the ecosystem in 2024. According to IntoTheBlock data, this impressive milestone aligns with the overall performance of the SHIB price which surged from $0.00001 to $0.00003 within the period.
Analysis on the Shiba Inu Wallet Addresses
Subjecting the data to critical scrutiny, CNF uncovered that the Shiba Inu wallets holding a balance had a massive increase to 1.38 million as of yesterday, January 8. Interestingly, this appears to be an all-time high mark. A year ago, the balance stood below 1.3 million SHIB.
Explaining why this indicator is perfect for assessing the growth of an ecosystem, analysts pointed out that other alternatives, such as “total addresses,” could be inflated.
Data indicates that the total number of SHIB addresses surged to an all-time high of 4.54 million. Meanwhile, 3.16 million addresses have zero balances. As of the beginning of 2024, addresses with balance stood at 1.28 million. This implies that a whopping number of 100,000 wallets with balance were generated in 2024 alone with 750,000 added in less than four years. Looking at the historical trend, we observed an interesting growth as the total wallets with balance were only 630,000 as of August 2021.
Analyzing the breakdown, we discovered that an average number of 1,500 addresses were recorded daily in 2024. Fascinatingly, March 5 marks the peak as it recorded 21,290 addresses to coincide with the massive rise of SHIB price to $0.00004. SHIB began 2024 with a price of $0.000010 and finished the year at $0.00002114, representing a 104% yearly growth. According to data, this is the second most bullish year in its history.
Shiba Inu (SHIB) Price Analysis
At press time, SHIB was trading at $0.00002176 after declining by 5% in the last 24 hours and 28% in the last 30 days. According to analysts, this pullback can be linked to the U.S. Bureau of Labor Statistics (BLS) data, which triggered concerns about inflationary pressure.
Analyzing the data, we observed that 8.1 million job openings were recorded in November. Meanwhile, experts predicted 7.7 million openings. According to analysts, the higher-than-anticipated levels have created anticipation of a possible inflationary pressure. It is expected that this could lead to a slower rate cut and force the broader crypto market, including SHIB, into a correction.
As recently highlighted in a CNF report, analyst Javon Marks has disclosed that SHIB is currently showing “textbook bull signals.”
$SHIB (Shiba Inu) is still holding in great positioning, recently, on lower timeframes, confirming yet another bullish signal that can point to a continuation towards the $0.000081 target but this post-breakout chop can be calling for even higher! As prices hold well broken out,… https://t.co/FlQHisIXnh pic.twitter.com/Kq5H85flh1— JAVON⚡️MARKS (@JavonTM1) December 21, 2024
According to him, this is evident in the lower time frame, implying that the upward surge is Imminent. He also disclosed that SHIB recently broke out of a long-term resistance trendline to secure a seven-month high at $0.00003329. Per his prediction, SHIB could surge by 264% to hit $0.000081 in the short term. Adding to this, analyst Alan Santana also believes that the asset could surge by 321% per a CNF report.
