**Shiba Inu Wallet Addresses Increase to 1.54 Million Despite Price Declines**
The number of Shiba Inu wallet addresses has risen to 1.54 million, reflecting sustained interest and confidence in the project despite ongoing price drops. According to Etherscan data, the total wallets holding Shiba Inu tokens reached 1,546,786, marking a modest daily increase of 0.01%. This steady growth highlights continued participation from both new and existing holders, demonstrating resilience within the Shiba Inu community amid broader market challenges.
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**Market Pressure Weighs on SHIB Price**
Shiba Inu’s token price has struggled recently, slipping below the $0.00001 mark since October 10. As of now, SHIB trades at approximately $0.000009951 with a market capitalization of $5.86 billion. Over the past year, SHIB has declined by 47.52%, including a 52.9% drop since January. In the last 30 days alone, the price fell by 23.28%, with daily and weekly declines of 2.47% and 8.34%, respectively.
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**Massive Token Supply Limits Upside Potential**
A significant hurdle to SHIB’s price recovery is its enormous circulating supply of 589 trillion tokens. Analysts note that to reach its all-time high (ATH) price of $0.00008845, Shiba Inu’s market capitalization would need to rise to roughly $52.09 billion—a challenging target considering current conditions.
Ongoing token burn initiatives have yet to make a substantial impact on reducing supply or supporting price growth. Critics argue that without more aggressive burns or widespread adoption, SHIB’s supply dynamics will continue to restrain its rally potential.
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**Ecosystem Projects Yet to Deliver Expected Results**
The Shiba Inu development team has launched several ecosystem projects, including the much-anticipated Shibarium layer-2 solution, aimed at enhancing real-world utility and engagement. However, adoption rates remain low, and these initiatives have not translated into significant price increases or higher user activity.
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**Concerns Over Leadership and Governance**
Investor sentiment has been impacted by concerns related to the project’s anonymous leadership, which some see as a barrier to attracting institutional investors. As SHIB matures into a large-cap cryptocurrency, there is growing demand for increased transparency and stronger governance frameworks.
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**Community Engagement Declines**
Social engagement within the Shiba Inu community has waned in recent months, with former top promoters moving on to other projects. This reduction in community energy signals the need for Shiba Inu to revitalize excitement among its base to regain lost momentum.
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**Looking Forward**
While Shiba Inu faces a challenging phase marked by declining prices and immense token supply, the gradual increase in wallet holders suggests that belief in the project’s long-term vision remains intact. To recover and thrive, Shiba Inu must boost adoption, enhance transparency, and rebuild vibrant community engagement.
https://coincentral.com/shiba-inu-sees-wallet-growth-while-price-slides-below-0-00001-mark/
