- Newly-registered SHIB wallets grow along with Shibarium members.
- Shiba Inu bumps into a massive resistance wall with 1.35T tokens.
- SHIBโs Open Interest (OI) rate rises with a 1.77 long-to-short ratio.
The ever-growing community of Shiba Inu custodians has expanded by nearly 5% since last week, as the broader crypto markets enjoyed a relief rally led by Bitcoinโs run to claim a new yearly high at $49,872. However, SHIB has yet to catch up to the festivities, with a slight increase of 3% over the last seven days, despite BTC gradually approaching $50K.
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Meanwhile, the Shiba Inu community continues to grow with a 4.76% increase in new registered wallets. Active addresses spiked by 28.36% during the same time frame, according to the seven-day on-chain data by IntoTheBlock.
This raises the natural question of why Shiba Inuโs $0.00001 price range has been on hiatus since January 11, 2024. Despite the exponential growth in new addresses, the on-chain metrics also show a 79.25% hike in crypto addresses with no holdings.
Can SHIB Surmount the 1.35T SHIB Resistance Wall?
While Shiba Inuโs Layer-2 blockchain, Shibarium, expands DeFi adoption with the latest integration into Frontier Wallet, the multiple milestones heavily contributed towards its userbase soaring from 29K three months ago to 63K today, according to ShibariumScan.io.
On-chain data also suggests that SHIB faces a hefty resistance wall, with 1.35 trillion canine tokens bought around this area. As 34% of current SHIB custodians are making a profit, going up from $0.000009 to $0.00001 looks like a bumpy road with many investors attempting to break even.
SHIB is exchanging hands at $0.000009457, according to independent cryptocurrency price aggregator CoinGecko. As SHIB’s total holder count enlarges, SHIB remains trendy in Derivatives trading. SHIB Garnered over $33M in 24 hours with a 37% rise in Derivatives trading volume. Crypto traders are contributing towards a gradual Open Interest (OI) rate hike for SHIB, according to CoinGlass on-chain data.
On the Flipside
- The stagnant SHIB price movement is partly due to a decreasing price correlation with Bitcoin (BTC), which was at 0.44 at publication.
- Shiba Inuโs (SHIB) Relative Strength Index (RSI) highlights an overbought condition, with the scales pointing to 73.
Why This Matters
The observations from on-chain metrics provide valuable insights into Shiba Inuโs price movement and the native Layer-2โs growth.
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