In recent weeks, Shiba Inu (SHIB) has traded sideways as the overall market has felt the repercussions of the failure of the FTX cryptocurrency exchange.
Despite the stock’s failure to build a major gain, SHIB is drawing investor attention, as seen by its rising number of holders.
Specifically, as of December 11, SHIB had 1,258,320 holders, an increase of about 7,083 over the 1,251,237 holdings registered at the beginning of the month. According to statistics given by Etherscan, SHIB has attracted an average of 643 new holdings every day during the month of December.
In fact, SHIB investors are striving to rebound following a precipitous drop in November. In the last week of November, for instance, the asset lost about 9,000 investors.
Notably, the price of SHIB has mostly traded in the red zone during the month of December, with the asset unable to locate a bottom that would initiate an uptrend. Shiba Inu was trading at $0.0000092 as of press time, compared to $0.0000093 at the start of the month.
Despite the price reduction, the amount of trade for Shiba Inu has remained stable. According to CoinMarketCap statistics, the asset’s 24-hour trading volume reached $61.7 million at press time, an increase of over 8%.
It is important to note that the failing SHIB prices are reflected in the holders’ profits. According to a Finbold study dated November 21, around 76% of SHIB holders were in the red, while just 15% were in the black.
SHIB is far off its 2021 highs, with token suffering from the wider market decline. The FTX crisis hindered the possibility of positive momentum; nonetheless, SHIB is expected to profit from probable network adoption news.
In fact, the currency received a boost following Elon Musk’s acquisition of Twitter, amid rumours that SHIB may be included as a payment option on the social media giant. However, Shiba Inu has not completely taken advantage of this trend.
Moreover, the SHIB community on CoinMarketCap is optimistic about the asset’s future potential. Using the price estimation tool, the community has forecast that SHIB will likely trade at $0.000011 by December 31.
In addition, as reported by Finbold, a machine learning algorithm has forecasted that the decentralized finance (DeFi) asset would trade at $0.00000010 on December 31, 2022, after taking into account many technical indications.
