Shiba Inu Addresses Reaches New High, Will SHIB Price Follow?

Shiba Inu addresses have already surpassed 3 million, increasing despite the continuous decline in the meme coin’s value.

Related: Future of Solana NFTs and Solana Price prediction in 2023

One of the most popular meme coins out there is the Shiba Inu. The so-called “Dogecoin killer” has shown itself to be more than a joke coin. Many are attempting to determine the coin’s future for the months and years ahead as it draws more investors despite losing a substantial amount of value over the previous year.

The increasing number of addresses that are holding meme coins serves as proof of this. With the passing of 3 million wallets, the number of SHIB holders has once more reached a significant milestone.

A SHIB Army of More Than 3 Million

Shiba Inu has seen some decent growth in terms of its holding base, but the cryptocurrency market has been in limbo recently as the majority of the digital assets in the industry consolidate. The number of wallets with SHIB tokens on their balances has been increasing throughout the course of the year, according to data from Glassnode, and as the year comes to a close, it has reached new milestones.

Shiba Inu addresses have already surpassed 3 million, increasing despite the continuous decline in the meme coin’s value. During this time, the graph reveals an inverse relationship between the two. Additionally, given the hundreds to thousands of additional Shiba Inu addresses this year alone, it demonstrates a sizable chunk of growth.

It’s interesting to note that, despite the increase in addresses, there aren’t many active SHIB addresses at the moment. Despite the 35% increase in total addresses seen this year, it now represents less than 5% of all addresses. 

Shiba Inu now appears to have reached a point of equilibrium, and the number of active addresses is presently less than 10% of what it was in November 2021, when it peaked.

Shiba Inu Price Prediction

The Shiba Inu pricing continues to be incredibly low, much like the rest of the market. The numerous market collapses that have occurred have not helped, and cryptocurrencies have suffered significantly as a result. With a price that has already lost more than 89% of its all-time high, SHIB is currently one of the poorest performers on the market.

The price of SHIB is currently trading below the threshold of $0.00001. All indications, both short-term and long-term, have become negative since the meme currency dropped below this level. SHIB’s price has been significantly impacted by the market’s lack of momentum, which results in less liquidity pouring down to altcoins like SHIB.

SHIB would need to break through and hold firmly above the $0.00001 level with multiple daily closes above this level to register another bull trend. Otherwise, the bears would still be in charge.

Nevertheless, the digital asset has increased by 23% from its most recent cycle low, suggesting that holders still have some faith in it. SHIB could drop to $0.000005 when the market enters the Christmas season due to low liquidity and market momentum.

Shiba Development is Proceeding as Planned

The Shiboshi NFT Project, SHIB Metaverse, DEX features, and Shiba Inu games have not reached their full potential due to the Ethereum network’s low scalability and high gas prices.

By transferring some transaction data to a tailored Layer 2 infrastructure while keeping a direct link to the Ethereum network, Shibarium hopes to save costs.

#Shibarium. It will unlock the full potential of shib, with lower transaction fees, faster transactions, better performance,#SHIB burn mechanism to boost the value of tokens. Plus, it will encourage the development of #dApps within the ecosystem, including the metaverse project.

— 🦄🌈 SHIB FORCE 柴犬 (@sunshineSHIB) December 13, 2022

The foundation for the development of the Shiba ecosystem will be built by Shibarium. All subsequent Shiba Inu products, like the decentralized exchange, metaverse, games, and NFTs, would function from that point onward. The Shiba Inu layer-2 scaling solution, called Shibarium, is going according to schedule. While SHIB holders wait for the project to start, the makers of Shibarium are tearing up its release. The launch date for Shibarium is uncertain. However, 2023 is the projected year of arrival.

$SHIB

Shibarium will Send $SHIB Flying to New All Time High! pic.twitter.com/pepHWSCamI

— Crypto Bezos (@BezosCrypto) December 13, 2022

SHIB/USD will continue to be a crucial component of the ecosystem even if it isn’t the utility token and might even appreciate after the launch.

Shiba Inu Price Prediction 2022

The cost of a Shiba Inu token right now is $0.0000090. The token indeed have a successful October 2022 because it rose by 28% over the course of the month. However, in the first week of November 2022, Shiba Inu corrected by 16%. The collapse of the FTX exchange was then followed by additional price drops.

We predict that the Shiba Inu cryptocurrency price might reach $0.000012 by the end of 2022. Retail traders continue to fuel demand for meme coins like SHIB, which may have helped SHIB reach this price level despite the gloomy macroeconomic outlook for cryptocurrencies.

Shiba Inu Price Prediction 2023

The token’s admission into the Metaverse appears to be another aspect that will influence Shiba Inu’s growth. The Shibaverse, an immersive metaverse project for their ecosystem, is being developed by the Shiba Inu developers, who announced it in January 2022. Although there aren’t many facts regarding the Metaverse yet, researchers believe Shiba Inu will benefit greatly from it.

We’ll go into more depth about this in a later section of the essay, but it’s important to remember that the metaverse is a significant effort for which numerous businesses have already made financial commitments. This novel idea, according to JPMorgan, a bank that currently owns some real estate in the metaverse, may have a trillion-dollar market.

We anticipate that Shiba Inu’s share of this market will result in gains for the coin. We predict that the SHIB price will rise to $0.000040 in 2023.

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Disclaimer: This blog is for educational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice