Shiba Inu Holders on the Rise Despite Bearish Bias

Updated:

The hype around meme coins, such as Shiba Inu (SHIB), appears to have died down in recent months after the dramatic crash across the crypto market.

Regardless, recent reports show some investors continue to stock up on the crypto asset as the number of SHIB addresses tapping a new record high. According to statistics from CoinMarketCap, the total number of SHIB holders as of September 12 stood at 1,221,112, after jumping by 40,033 in the last three months.

Despite plunging in early August, the number of SHIB holders has increased steadily, welcoming 16,876 holders over the last month.

From the broader perspective, however, the meme coin has recorded declining interest. According to Google Trends, global searches for the keyword “Shiba Inu” over the past year have plunged to their lowest point since last year in July.

Also, SHIB appears to be losing dominance as the most promising meme coin, as LUNC, which suffered a devastating meltdown in May, has gained ground as the favorite meme cryptocurrency.

Meanwhile, it can be said that investors are trooping into SHIB as they expect a rally from their increasing utility the token is racking. For example, SHIB can now be used as a payment option with companies like Uber Eats and DoorDash in the US.

Key Shiba Inu Levels to Watch — September 12

Shiba Inu continues to struggle with a weak trading sentiment around the $0.0000130 mark, which coincides with my pivot range.

SHIBUSD – Daily Chart on Binance. Source: TradingView.

The meme token also suffers from a glaring lack of trading volume but remains buoyed by the 50 SMA on the daily chart. The ongoing consolidation can also be attributed to the upcoming Ethereum Merge upgrade, scheduled for two days from today. Until this event takes place, we could see a continuous range-bound pattern for SHIB.

Meanwhile, my resistance levels are $0.0000130, $0.0000140, and $0.0000150, and my support levels are $0.0000120, $0.0000110, and $0.000100.

Total Market Capitalization: $1.06 trillion

Shiba Inu Market Capitalization: $6.98 billion

Shiba Inu Dominance: 0.65%

Market Rank: #13

 

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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.