Although market performance has not been favorable in recent weeks, Shiba Inu (SHIB) continues to gain traction against all odds.
According to Etherscan, the network of the popular meme token has welcomed over 70,000 SHIB holders after surpassing the one million mark about a month ago.
The current number of holders is seen as a vital fundamental milestone for the token that recently underwent a rough patch after losing about 70% of its accumulated gains.
Why the Growth Is a Fundamental Factor for Shiba Inu (SHIB)
The increasing number of users may not have an immediate effect on a coin in terms of price, but from the fundamental growth perspective, a number of holders are a key determinant of the asset’s future.
With projects such as Ethereum and Solana receiving a surge in the number of holders on the network, all future projects based on its blockchain are more likely to receive the monetary support of the community.
Shiba Inu (SHIB) in the Market
The digital currency is continuing its downtrend, now losing more than 60% of its value from the previous growth on the market. While the massive retracement that started at the end of October was accelerating from the start, the daily volatility of the asset on the market has significantly decreased.
It’s unfortunate that Shiba Inu (SHIB) does not currently offer use cases that would serve as a factor for its consistent growth. The only buying power tracked on the market came from large speculative purchases of whale-tier wallets that are currently holding $1.5 billion worth of tokens.
At the time of filing this report, SHIB is trading at $0.00003264, with arelatively10% price uptrend in the last 24 hours.