Shiba Inu Wallet Count Drops Meme Coin Economy Plunges

Updated:

Reports show that interest in meme coins is on a steady decline, as Shiba Inu (SHIB), Dogecoin (DOGE), and other meme tokens struggle to regain bullish traction despite the upbeat market mood.

At press time, the total crypto economy is valued at $29.3 billion, with SHIB and DOGE accounting for over $28 billion. Both tokens recorded phenomenal performances last year but have since lost that bullish touch and remain on a steady plummet. Trading volume for the meme coin economy currently hovers around a paltry $1.53 billion. Meanwhile, Shiba Inu is down by 5% over the past two weeks and 17% in the last thirty days.

Furthermore, statistics from CoinMarkerCap and Etherscan show that the number of SHIB holders currently has dropped by 3.55% over the past six days. This drop represented an outflow of unique SHIB addresses from 1.19 million wallets to 1.15 million.

Among the 1.15 current addresses, only 14,645 have been active in the last 24 hours. Also, IntoTheBlock revealed that the concentration of whale accounts in the SHIB ecosystem is at a significantly high level, with a score of 80%. For context, Bitcoin’s whale accounts concentration has a score of only 11%. This doesn’t bode well for the already struggling meme coin.

Key Shiba Inu Levels to Watch — March 21

Following a goodish bounce last week towards the $0.0000260 level, SHIB witnessed a bearish outlook over the weekend, bottoming at the $0.0000223 low in the early Asian session today. The meme token is now on a bullish reversal, as buyers eye the $0.0000250 again.

SHIBUSDT 2022 03 21 11 20 12.png
SHIBUSD – 4-Hour Chart on Binance. Source: TradingView

With the recent rebound, the crypto has returned to bullish conditions above the 100 EMA and would likely maintain that upward bias given that the mentioned line remains below it. With market sentiment projected to be bullish this week, we could see the meme token reclaim the $0.0000260 top and possibly the $0.0000275 resistance before the weekend.

Meanwhile, my resistance levels are $0.0000240, $0.0000250, and $0.0000260, and my support levels are $0.0000220, $0.0000210, and $0.0000200.

Total Market Capitalization: $1.88 trillion

Shiba Inu Market Capitalization: $12.7 billion

Shiba Inu Dominance: 0.67%

Market Rank: #15

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.