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Shiba Inu Adoption Grows Amid Weak Price Action and Market Headwinds
Shiba Inu – Despite facing a steep price decline and uncertain market conditions, Shiba Inu (SHIB) is still attracting new holders—indicating continued user interest in the meme token. According to fresh data from Etherscan, the number of wallets holding SHIB rose by 0.01% in just one day, reaching 1,546,786 addresses at the time of reporting.
This steady on-chain growth suggests a level of long-term confidence among investors, even as SHIB’s market performance paints a different picture.
SHIB Price Slips Below $0.00001 Again
While wallet numbers climb, SHIB’s price remains under pressure. Since October 10, the token has consistently traded below the $0.00001 threshold, failing to mount a meaningful recovery. As of writing, SHIB was priced at $0.000009951, with a market cap of $5.86 billion.
The token has lost 47.52% over the past year, 52.9% year-to-date, and 23.28% in the last 30 days. Daily and weekly declines also continue, down 2.47% and 8.34%, respectively.
Supply, Leadership, and Utility: Key Barriers to a SHIB Comeback
One of the most significant obstacles to a SHIB rally is its massive token supply. With a circulating supply of 589 trillion tokens, SHIB would need to hit a $52.09 billion market cap to reclaim its all-time high of $0.00008845. While not impossible, critics argue such a leap lacks current market momentum.
Leadership concerns are also mounting. SHIB’s core team remains anonymous, a trait once seen as a decentralization virtue. Now, many believe this lack of transparency is hindering institutional adoption, a key factor for long-term sustainability.
Meanwhile, although SHIB has launched utility-focused projects like Shibarium, these efforts have yet to deliver a meaningful impact. Community members point to a lack of real-world use cases, rising competition, and unfinished initiatives—such as the NFT marketplace and metaverse—as pressing concerns.
Community and Focus Drifting
SHIB’s early growth was largely driven by a passionate online community. However, social media engagement has declined, and many former influencers have shifted focus to rival projects. Adding to the challenge, some SHIB team members have publicly supported other tokens, further diluting investor trust and focus.
While the rise in SHIB wallet holders reflects continued grassroots interest, multiple headwinds remain. From supply inflation to leadership opacity, and fading community momentum, Shiba Inu must address these pain points to stage a credible comeback.
For now, SHIB’s future depends on whether its team can refocus, innovate, and reignite the community energy that once propelled it to meme-coin stardom.
