Shiba Inu meme-token has finally breached the one-million-holder mark
Shiba Inu finally reaches 1,000,000 holders – an important milestone. Over a million investors are currently choosing to keep their funds in the recent 60% drop in meme-token. At the time of writing, SHIB is changing hands at $0.0000408.
SHIB/USD 4-hour chart | Source: TradingView
Shiba Inu goes through an important milestone
After several thousand percent hit the market, SHIB hit the latest ATH of $0.000088, which was the final price after which the Shiba Inu quickly lost almost 30% of its value and after that drops to $0.000057.
Many investors decided to abandon SHIB and close their positions or sell their tokens, resulting in an additional 30% loss. The total value of the drop is now 61%.
SHIB has repeatedly attempted to resume its interrupted rally but unfortunately did so back on November 19, 11, and 5. On those days, the token grew up to 40% in just one day but quickly retracted due to strong selling pressure.
While some SHIB community members have been unhappy with the token’s performance in recent weeks, the underlying factor that includes a handful of holders may be more important to the asset’s future than short-term price action.
According to the market history of coins similar to Dogecoin, the price of an asset cannot increase in the long term purely based on community enthusiasm or news such as Tesla adoption. Coins with more robust fundamentals like Ethereum or Solana tend to appreciate higher use cases for everyday use. Therefore, many people think that SHIB is just a temporary craze and will soon drop in price.
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