The Shiba Inu coin, following Bitcoin, has made a significant loss in value. Despite this, SHIB is still holding in a very interesting price range, which was previously an accumulation zone.
A marked increase in new wallet addresses for Shiba Inu
The recent declines in the valuation of digital assets are slowly emerging the first winners of this difficult situation. As indicated by on-chain analysts, from the Into The Block platform, one of them is Shiba Inu. All thanks to the registered activity of traders at a given time. For it turns out that the number of new Shiba Inu addresses has skyrocketed. Their number increased by 275%. The same goes for the number of active addresses, which also showed a very dynamic upward trend of 81.88%.
The new addresses are nothing more than new players joining the trade, or breaking up fat portfolios into smaller ones. Their such a high number is right to indicate a clear demand for SHIB. The same can be said of active wallet addresses. All entities registering the execution of transactions are considered such. Such a situation is particularly justified in view of the fact that SHIB is currently moving in the accumulation zone, where it has been for the past few months.
Shiba Inu from a technical point of view
Looking at the SHIB chart, we can see some very unique behavior. While the vast majority of cryptocurrencies, thanks to the collapse of the FTX exchange, have reached a new bottom in their valuation, Shiba Inu is showing strength. So far, the lowest price level reached by the meme coin, is the value from June this year, at $0.00000715. In contrast, at the time of this writing, SHIB is trading around $0.00000925. This is almost 30% higher than the aforementioned low.
However, in order to cool down excessive optimism, we would like to point out that SHIB has seen a decline of nearly 40% from its local peak to today’s level. This was achieved in the space of just 17 days. In doing so, the $0.000012 level was lost, the maintenance of which was the key to further increases. Meanwhile, the MACD is showing a turning point, acquiring bullish momentum. The RSI, on the other hand, shows no significant divergence.
Shiba Inu’s fundamentals appear to be getting stronger
The growth in new addresses, as well as the surprisingly positive SHIB price action, is helped by the prevailing narrative around the coin. The steady growth of the Shiba Inu ecosystem is causing more and more people to stop considering SHIB as a meme coin. Is it rightfully so? Certainly time will verify this. Nevertheless, we can clearly see that the developers are making sure that the updates they have planned, are becoming a reality. This has been the case so far with the Shiba Eternity game. Despite the delays, surely the same can be said of the upcoming second layer solution, called Shibarium. We are constantly covering each of these aspects on the pages of our portal.