Shiba Inu Price Forecast: SHIB wallets hit all-time high of 1.38M despite ETH, BTC, XRP downturn
- Shiba Inu price plummeted toward $0.000022 on Wednesday, reflecting a 16% loss within the weekly timeframe.
- Shiba Inu funded wallets hit a new all-time high of 1.38 million, with over 100,000 new market entrants added in 2024.
- SHIB 4-hour chart shows a death cross formation, indicating further downside risks.
Shiba Inu price plummeted toward $0.000022 on Wednesday, marking a 13.4% loss within the weekly timeframe. Despite Ethereum’s lackluster performance in 2024, on-chain data shows SHIB continues to attract new buyers. Is SHIB poised for an early rebound?
SHIB price plunges towards $0.000020 support as crypto crash enters day 2
Shiba Inu (SHIB) price experienced significant downward momentum this week, falling 13.4% to reach $0.000022 on Wednesday.
SHIB’s bearish performance mirrors other mega-cap assets with the likes of BTC, ETH and XRP, all booking considerable losses on the day.
This decline marks a sharp correction within the weekly timeframe, reflecting bearish pressure that has persisted since the start of the month.
The downtrend appears to be driven by hawkish expectations from the United States (US) Federal Reserve (Fed), which have caused traders to scale back exposure to high-risk assets, including memecoins like SHIB.
Known for their low liquidity and sensitivity to shifts in market sentiment, memecoins have seen reduced demand amid the broader market’s cautious tone.
SHIB’s attempt to stabilize around $0.000023 on Monday faltered as sellers intensified mid-week, driving prices closer to the critical $0.000020 support level at the time of writing on Wednesday.
The price action suggests a consolidation phase near $0.000020, with volatility expected to persist in the short term.
Shiba Inu sets a new record of 1.38M funded wallets amid market turbulence
Despite the recent crypto market downturn, Shiba Inu continues to attract a growing number of investors.
IntoTheBlock’s Funded wallets metric represents unique addresses holding a balance greater than zero, providing a snapshot of the overall adoption and investor interest in a cryptocurrency.
The total number of funded wallets holding SHIB has reached an all-time high of 1.38 million, with over 100,000 new wallets added in 2024 alone.
This shows that the Shiba Inu ecosystem continues to attract new investors.
Beyond that, the record-breaking network growth reaffirms Shiba Inu’s global appeal, despite Solana memes dominating the media trends in recent months.
However, the bearish sentiment continues to hold sway as traders brace up for a more contractionary monetary policy landscape in 2025.
Hence’ SHIB's increased wallet adoption may not translate to immediate price recovery in the short term.
Instead, it reflects speculative bets on SHIB’s long-term potential.
Shiba Inu price forecast: New buyers could prevent $0.000020 breakdown
Shiba Inu faces significant downside pressure after a sharp 16% decline in the last 24 hours.
Technical indicators on the SHIBUSD 4-hourly chart signal significant downside risks with bears capitalizing on a “death cross” signal between the 50-day and 200-day simple moving averages on the 4-hour chart.
This bearish crossover highlights the dominance of sellers, who could drive prices toward the critical support at $0.000020, or even further to $0.000015 if current market weakness continues.
Meanwhile, the Volume-Weighted Average Price (VWAP) at $0.000021 indicates that bulls are attempting to establish a short-term floor above this level.
A sustained recovery above the VWAP could push SHIB toward the next resistance at $0.000023, where the 50-day SMA resides.
However, this scenario hinges on a broader market rebound and increased accumulation volume to invalidate the bearish narrative.
Author
Ibrahim Ajibade
FXStreet
Ibrahim Ajibade is an accomplished Crypto markets Reporter who began his career in commercial banking. He holds a BSc, Economics, from University of Ibadan.
