SHIB looks set for a stellar performance in 2024 as the number of Shiba Inu addresses continues to escalate.
As bullish sentiments in the crypto market heighten, the second-largest memecoin by market cap has attracted numerous new investors. This has resulted in total Shiba Inu addresses reaching record highs recently, marking a huge achievement for the canine-themed token.
Total Shiba Inu Addresses
Particularly, data on the prominent analytics platform Glassnode shows that the total number of unique addresses that ever appeared in a transaction of SHIB in the network recently surpassed 3.7 million.
While 3,731,900 SHIB addresses were recorded on January 1, 2024, by Glassnode, the total addresses on the Shiba Inu network exceeded 3,740,000 at the time of writing. Recall that non-zero SHIB addresses stood at 1.25 million on September 4, 2023, as reported by Nitadel. Therefore, this positive development translates to an increase of about 2 million addresses in the Shiba Inu network.
Moreover, Coinmarketcap’s latest data shows that out of these 3.74 million total addresses, 1.24 million Shiba Inu addresses hold tokens valued below $1,000. While 83.2K addresses contain SHIB tokens worth between $1,000 and $100,000, only 1.94K addresses hold SHIB worth above $100K.
Will 2024 be bullish for SHIB?
Despite the escalating number of SHIB addresses and continued burns, SHIB’s price has remained in a downtrend since hitting its all-time high of $0.000088 in 2021. At the time of writing, the canine-themed token is down by -89% from its all-time high and still struggling.
However, Shiba Inu proponents are optimistic that 2024 will paint a bullish year for SHIB following the growing positive sentiments in the broader crypto market. Moreover, the introduction of solid projects such as the Layer 2 scaling solution Shibarium and SHIB Name Service (SNS) could contribute to boosting SHIB’s price in 2024.
At press time, SHIB is trading for $0.0000009469 per token, down 11% and 8% in the last 7 and 30 days, respectively. With its one-week Relative Strength Index (RSI) staying above 50, SHIB bulls are likely to hold this support level and possibly push the memecoin’s price to the nearest resistance of $0.000018 in the coming weeks. On the other hand, SHIB could be heading toward $0.0000005 if the bears take the upper hand. Either way, it’s only a matter of time.
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