The Shiba Inu (SHIB) community has made a significant milestone – with over 1.5 million wallets now holding SHIB, marking the first time this figure has reached such heights. This surge in holders coincides with expanding use cases and growing global adoption, fueling speculation about a potential price breakout in the near future. Data from Shib.io reveals the total number of SHIB holders has climbed to approximately 1,511,101 since late May, indicating steady growth despite modest daily additions. This sustained interest suggests an engaged community and growing momentum. The activity extends beyond retail investors with significant whale activity being observed. Over the past week, massive transfers of SHIB tokens worth roughly $100 million were moved into Coinbase Institutional wallets. The motives behind these moves remain unclear, but they showcase the expanding significance of SHIB beyond meme coin hype.
A surge in SHIB volume has also been noted near the $0.000012 to $0.000013 price range. This buying activity suggests a potential support zone for the token.
The Shiba Inu ecosystem continues to expand with developments like Shibarium, a Layer 2 blockchain solution, and emerging decentralized finance (DeFi) applications built on SHIB, contributing to a growing real-world use case narrative. These innovations differentiate SHIB from other meme coins by adding utility and encouraging a more engaged community.
While the price action shows mixed trends with slight sideways movement after hitting lows of $0.00001204 last Friday, it has recovered slightly over the weekend and is currently trading at $0.00001254, representing a 0.33% drop in the past 24 hours.
However, a challenge to SHIB’s price momentum stems from a sharp 63% decline in its daily token burn rate. This decline raises concerns about SHIB’s ability to maintain deflationary pressure in the short term.