• The number of new Shiba Inu [SHIB] addresses has been increasing, implying potential growth in the token’s demand.
• Despite SHIB’s underwhelming performance, ETH whales continue to stick to their holdings.
• SHIB remains part of the top five holdings by ETH whales, with 11.94% of the total supply held by these whales.
Number of New Shiba Inu Addresses Increase
On-chain data showed that Shiba Inu’s new addresses increased. This implies a potential increase in demand for the token and serves as proof of the same.
Whales Still Holding on to SHIB Tokens
Despite SHIB’s underwhelming performance in the past year up to the last few months, Ethereum whales have continued to hold onto their tokens. According to WhaleStats, it was found that SHIB remained the most traded token by Ethereum [ETH] whales in the last 24 hours and it also remains part of the top five holdings by ETH whales.
Holder’s Position Contradicting?
However, while new entrants may bring fresh capital into the ecosystem, holders of SHIB are at a loss according to IntoTheBlock data which showed that about 78% were at a loss due to its price decrease by 14.57%.
Trust and Adoption Could Help Out
For Shiba Inu [SHIB] token’s trust and adoption could help out its current position in terms of price stability and market acceptance as an asset class. Factors such as progress on developments, utility and overall market conditions will play a role here as well.
It is clear that despite its underperformance compared to other altcoins, holders‘ sentiment towards SHIB remain positive yet contradictory if judged from on-chain metrics alone; however trust and adoption among investors could be what it needs for long-term success.