SHIB Down 47% But 1.5M Holders Refuse to Sell—What Do They Know?

Shiba Inu continues to attract new holders even as its price faces sustained pressure across the broader cryptocurrency market. The steady increase in wallet count highlights continued user interest in the token, signaling that investor confidence in the project remains intact despite volatility.

Growing Wallet Numbers Indicate Steady Interest

A popular market commentator, Etherscan_SHIB, recently pointed out on X that the number of Shiba Inu on-chain holders has increased again. Citing data from Etherscan, the analyst revealed that wallet addresses holding SHIB grew by 0.01% in the past day to 1,546,558. The figure later rose slightly to 1,546,786, marking a daily increase of 0.003%.

Although the growth appears modest, it underscores a steady trend of new investors entering the ecosystem. Existing holders also appear committed to maintaining their positions, a sign of the community’s enduring faith in the project’s long-term potential.

Source: X

Etherscan_SHIB described the development as a sign of “strong momentum” in the Shiba Inu ecosystem and encouraged the community to continue building together. However, this rise in wallet numbers comes at a time when SHIB’s market performance has weakened sharply.

The token has struggled to maintain stability since October 10, repeatedly slipping below the $0.00001 mark. At the time of writing, Shiba Inu trades at around $0.000001041, with a market capitalization of $5.86 billion. 

SHIB Price Source: CoinMarketCap

SHIB’s value has dropped 47.52% over the past year, 52.9% year-to-date, and 23.28% in the past 30 days. The token is also down 2.89% daily and 8.34% weekly, reflecting the broader market downturn.

Challenges Limiting SHIB’s Recovery

While rising on-chain holders indicate resilience, several structural challenges continue to weigh on SHIB’s growth. One of the biggest hurdles is its enormous circulating supply, currently around 589 trillion tokens. Despite regular token burns, critics argue that this supply level severely limits SHIB’s potential to stage a strong rally.

At this supply, Shiba Inu would need a market cap of $52.09 billion to reclaim its all-time high of $0.00008845. Analysts note that achieving this valuation would be difficult given the project’s current momentum and limited institutional interest.

Another key issue lies in the team’s leadership structure. Shiba Inu’s developers have remained anonymous since the project’s inception, a trait once praised for promoting decentralization. 

In addition, utility challenges have dampened enthusiasm. Projects such as Shibarium, aimed at driving real-world adoption, have yet to deliver the expected impact. Critics argue that the team must focus on completing key initiatives, such as the NFT marketplace and metaverse, before pursuing new ventures.