Shiba Inu Active Addresses Drop Over 50% Amid Price Decline
Shiba Inu's active addresses have decreased by over 50% in the past three months, indicating a bearish trend for the meme coin. This decline aligns with a drop in the SHIB price.
Key Developments
- Active addresses fell from around 7,800 on May 2 to approximately 3,000 currently.
- SHIB price dropped from a peak of $0.17 in May, down over 10% from its three-month high.
- Despite overall bullish sentiment in the crypto market, SHIB underperformed while Bitcoin and Ethereum reached new all-time highs.
- Network growth declined from 2,309 new users in July to 1,078 on September 1.
- Total SHIB holders increased to 1.53 million, suggesting ongoing investor confidence.
- Year-to-date, SHIB is down over 43%.
Technical Analysis
A technical analysis indicates a potential bullish reversal for SHIB. Analyst Javon Marks noted a confirmed bullish pattern suggesting a possible rally of over 163% to the $0.00003 range. Further projections indicate a maximum target of $0.000081 could represent a 570% increase.
Current trading price for Shiba Inu is around $0.00001228, reflecting a 2% rise in the last 24 hours.
