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Shiba Inu Ownership Exceeds 1.1 Million
Shiba Inu draws new holders, but they are insufficient to maintain the meme coin.
The number of owners continues to grow, but Shiba Inu fails to develop long-term upward momentum
According to Etherscan statistics, the number of Shiba Inu owners has just topped 1.1 million. The number of new holders continues to expand rapidly, but these new holders have so far failed to give Shiba Inu with long-term support.
This is a crucial consideration for Shiba Inu merchants. On the one hand, Shiba Inu’s popularity continues to rise as more individuals invest in the coin. On the other hand, it is clear that these new Shiba Inu holders are generally holding modest stakes — otherwise, the continual growth in the number of new Shiba Inu holders would have driven the coin higher.
More significantly, the consistent growth in the number of new holders at a time when Shiba Inu stays in a downward trend indicates that “big money” is exiting the currency, which is a fundamentally negative phenomenon.
Shiba Inu Failed To Reverse The Downward Trend
Shiba Inu has lately fallen back below the 50 EMA at $0.00003735 and the 20 EMA at $0.00003555, indicating that the recent attempt to…
