Shiba Inu Holders’ count rising despite market downturn; is this a Bullish Signal?

Interesting to see that Shiba Inu’s price drop is not deviating investors from accumulating SHIB tokens

This does not happen very often when people are holding an asset despite its price either dropping or at least not showing an uptrend movement. When such instances occur, they apparently create headlines and catch the attention, especially if it’s about some cryptocurrency like the popular meme currency Shiba Inu. Several stats reported the increasing Shiba Inu holder’s count regardless of the crypto market downturn.

A Twitter account solely focused on Shiba Inu community and its activity named Shibainuart went on to state that Shiba Inu has surpassed the holders count of more than 1,190,350. For this, it credited the Shiba Inu community, their energy, and their support for the meme currency. Furthermore, whale accounts data statistics aggregator, Whalestats also mentioned that Shiba Inu holder count has increased and attained an all new high of about 1,191,766 by 3rd July.

So, what does that mean if the count of crypto holders is increasing, as if there is no movement in cryptocurrency’s price? Well, this does not affect price, immediately, as this shows that the community of respective cryptocurrency is growing which is treated as a healthy sign. Currently, Shiba Inu token SHIB is trading at $0.0000099, which is down by almost 89% from it’s all time high of $0.000088 that it attained in October last year.

According to another on chain analytics firm Santiment, most cryptocurrencies have reached MVRV levels that were never seen before, indicating that their pain thresholds in trading are returning. Further it is also noted that this creates the circumstances of making possible for prices to turn around that would reduce the current losses. However, for now, it is somewhat not likely to predict exactly when this could happen.

Even looking at the prices dropping, it does not seem that Shiba Inu investors, especially whale investors, have deviated from their goals to consistently accumulate SHIB while trading at huge discounts. Statistics also show that Shiba Inu has also been the largest held crypto asset by the top hundred Ethereum (ETH) whale wallets after surpassing USDC stablecoin. Overall, these full whales have SHIB tokens worth about $512,650,353, which totals about 16.24% of their overall holdings of crypto assets.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing