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Despite recent bearish movements, Shiba Inu (SHIB) continues to defy market pessimism, showcasing one of the strongest community-driven displays of conviction in the crypto space.
Even with an 18% monthly decline and ongoing selling pressure, more than 1.54 million wallets now hold SHIB, according to the latest data from Etherscan. This steady rise in wallet count shows growing investor interest even as the token struggles to stay above the $0.00001 level.
The rise in holders, though modest, reflects continued confidence in Shiba Inus long-term prospects. On-chain analyst Etherscan_SHIB described the trend as strong momentum, noting that new investors continue entering the ecosystem even amid volatility.
Currently, Shiba Inu (SHIB) trades near $0.00000985 with a market capitalization of about $5.86 billion, down over 47% year-over-year. Nonetheless, the communitys ability to expand during a bearish cycle underscores the meme coins enduring cultural and retail appeal.
Despite strong community participation, short-term risks remain elevated. Data from CryptoQuant revealed that Shiba Inu exchange reserves rose by over 56.6 billion SHIB within 24 hours, suggesting increased selling intent.
The movement of tokens from self-custody to exchanges typically signals short-term profit-taking or fear of further downside.
Analysts also point to a descending triangle formation on SHIBs chart, a bearish technical pattern that often precedes breakdowns. The base support around $0.00001052 has been tested multiple times since April, and a confirmed breach could push prices toward $0.000006.
Nevertheless, Shiba Inus ability to avoid adding another zero to its price this week has been celebrated as a small but meaningful psychological victory for holders.
Analysts remain divided on whether SHIB can mount a strong comeback in 2025. Optimists cite the growing Shibarium layer-2 adoption and an active token burn mechanism as potential catalysts for a long-term rebound.
These mechanisms aim to reduce SHIBs massive 589 trillion supply, which critics argue is the biggest barrier to significant price appreciation.
Bullish forecasts suggest that if burns accelerate and network utility grows, SHIB could retest $0.000025$0.00005 in a favorable 2025 market. However, others warn that sustained gains will depend on Shiba Inu delivering on its DeFi, metaverse, and NFT marketplace promises.
For now, while the price action remains fragile, the loyalty of its 1.5 million holders emphasizes one undeniable truth, the Shiba Inu community isnt giving up its fight for a comeback.
Cover image from ChatGPT, SHIBUSD chart from Tradingview