Shiba Inu Surpasses Four Million Total Addresses, Signaling Growing Adoption

Shiba Inu (SHIB), the dog-themed memecoin, has recently reached a significant milestone by surpassing four million total addresses, according to data from IntoTheBlock. This achievement not only highlights the growing adoption and interest in SHIB but also marks a pivotal moment in its journey within the cryptocurrency market. Total addresses encompass all addresses that have ever held SHIB, whether currently or in the past, indicating the widespread interest and activity surrounding the cryptocurrency.

1.3 Million Wallets Hold SHIB Tokens

Of the four million total addresses, the number of SHIB addresses with a balance has risen to 1.3 million, signalling a healthy increase in active participation within the SHIB ecosystem. This uptick in addresses with a balance typically reflects a growing and robust user base, which is a positive indicator for the cryptocurrency’s future prospects.

Looking forward, the attainment of four million total addresses could lay the groundwork for continued growth and innovation within the Shiba Inu ecosystem. With the community expanding and new use cases emerging, SHIB appears poised to seize opportunities for increased adoption and integration into the broader digital economy.

SHIB Price Action

However, amidst these positive developments, the cryptocurrency market experienced a downturn late Tuesday following a drop in Bitcoin’s value, which reverberated across various cryptocurrencies. Shiba Inu, in particular, saw a decline of 3.13% over the last 24 hours, trading at $0.00002783, with intraday lows touching $0.00002684.

On a brighter note, Shiba Inu seems to be encountering resistance near the $0.00002953 level, as evidenced by its failure to surpass this mark on April 8 and 9. A confirmed breakthrough past this resistance level could potentially catalyze further upward momentum for SHIB’s price, with targets possibly reaching $0.00003285.

On the other hand, should SHIB experience a decline below its current trading range, it may find support between $0.000025 and $0.000026. Notably, within this support zone, a significant number of addresses totalling 17,960 acquired a substantial amount of SHIB, amounting to 2.87 trillion tokens, indicating potential strong support at these levels.

Conclusion

For Shiba Inu reaching this milestone of four million total addresses is a great achievement that will be positively welcomed by the larger memecoin community. A token that was developed as a spinoff to the original memecoin (DOGE) has come a long way to get to this milestone. While Shiba Inu celebrates its achievement, it navigates through market fluctuations, poised for further growth and development in the cryptocurrency landscape. The memecoin has navigated these waters before and will likely whether any storms of price fluctuations in its path. What’s most important for the community members is remarkable growth that they will see as a stepping stone to the next big one of hitting 5 million addresses.

Image courtesy of pxhere

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