Shiba Inu Dips by 5% Despite Reaching 1 Million Holders

·2-min read

Shiba Inu remains the twelfth largest cryptocurrency by market cap despite losing more than 55% of its value since it reached a new all-time high late last month.

The cryptocurrency market has been in a bearish run over the past few weeks, and the coins could record further losses.

Shiba Inu’s Interest Remains High

SHIB, the native token of the Shiba Inu ecosystem, is one of the best-performing cryptocurrencies so far this year, rising by thousands of percentages over the past 12 months. Shiba Inu even rose to become one of the tenth largest cryptocurrencies by market cap.

However, its performance has declined massively over the past month. SHIB’s value has dipped by more than 55% during that period. Despite that, interest in Shiba Inu seems to remain strong. According to a recent report, the total number of Shiba Inu holders surpassed the one million mark earlier this week. This means that there are currently more than a million investors choosing to hold some of their funds in Shiba Inu.

SHIB is one of the leading meme coins, second only to Dogecoin. Considering the massive growth recorded by meme coins over the past year, it is normal that more than a million people are holding the cryptocurrency.

SHIB Might Dip Again Despite Bullish News

The news that more than a million people are now holding SHIB is excellent news for the Shiba Inu community. However, the cryptocurrency market is in a bearish trend right now, and SHIB has dipped more than 5% over the past 24 hours.

The news might not be bullish for SHIB in the short term but having a large number of holders means that an increasing number of people believe in the project. With SHIB down by more than 50% over the past month, the increasing number of holders might just be investors taking a position in the market ahead of a possible rally in the coming weeks or months.

SHIB/USD chart. Source: FXEMPIRE
SHIB/USD chart. Source: FXEMPIRE

The SHIB/USD chart is currently bearish, thanks to the cryptocurrency losing more than 5% of its value over the past 24 hours. The MACD line is below the neutral zone, indicating that the bears are currently in control. An RSI of 41 shows that Shiba Inu might be heading into the oversold territory over the next few hours.

The bearish trend in the market could continue over the next few hours and days as Bitcoin slipped below the $56k region. Ether is also struggling to defend its position above the $4,000 mark.

This article was originally posted on FX Empire


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