Shiba Inu’s wallet holder count has reached a new all-time high of 1,676,535, driven by an explosive jump of nearly 75,000 new wallets between July 5 and July 6. However, this positive metric starkly contrasts with the meme coin’s price, which has plummeted 95% from its 2021 peak and currently trades at approximately $0.0000042, reflecting a 15% monthly decline. The rising holder base is overshadowed by a slowing burn mechanism, near-idle activity on the Shibarium layer-2 network, and a dramatic drop in daily trading volume from nearly $700 million a year ago to under $50 million. One trader has described SHIB as “old, dead, and boring,” suggesting it may not recover for years.
Shiba Inu has set a new record for total wallet holders despite the meme coin remaining stuck in a heavy downtrend. The total number of SHIB wallets reached 1,676,535, following an explosive jump of nearly 75,000 new holders between July 5 and July 6, far above its typical daily growth.
It remains unclear why the figure soared so sharply, as some speculate there might have been a technical glitch. The growing figure contrasts with the plummeting price, which trades at around $0.0000042, reflecting a 15% plunge on a monthly scale and a staggering 95% crash from the historic peak in 2021.
SHIB remains the second-largest meme coin, but only thanks to a double-digit collapse experienced by MemeCore. The market capitalization of the self-proclaimed Dogecoin killer has tumbled below $2.5 billion.
The rising number of SHIB wallets is perhaps the only real glimmer of optimism for Shiba Inu lately. Its burning mechanism has once again slowed, while Shibarium’s activity has fallen to near-idle levels.
The layer-2 scaling solution initially processed millions of transactions on a daily basis, but those have tumbled to mere thousands and hundreds. SHIB’s daily trading volume was close to $700 million a year ago, but today it is struggling to reach $50 million.
The sentiment among analysts and industry participants is particularly negative. Popular trader James Wynn reportedly described SHIB as “old, dead, and boring,” suggesting it may not recover for another 5-10 years until nostalgia potentially brings it back.
