\n\t\t\t\t\t\t\t\t\tThe meme coin is still attracting new holders, but it appears that only a major market catalyst would be able to lift its price.\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
The meme coin remains stuck in a heavy downtrend caused by the prolonged bear market and other negative factors.<\/p>\n
Despite the grim conditions, Shiba Inu\u2019s holders base continues to rise, recently reaching a new all-time high.<\/p>\n
The New Record<\/h2>\n
The total number of SHIB wallets has been rising slowly recently, but at the beginning of the month there was a sharp jump. According to the X account BSCN, the meme coin saw<\/a> an explosive jump of almost 75,000 new holders between July 5 and July 6 \u2013 far above its typical daily growth.<\/p>\n It remains unclear why the figure soared so sharply, as some speculate there might have been a technical glitch. In any case, the total number currently stands at 1,676,535, which is a new all-time high.<\/p>\n The growing figure contrasts with the plummeting price of Shiba Inu. As of this writing, it trades at around $0.0000042, reflecting a 15% plunge on a monthly scale and a staggering 95% crash from the historic peak witnessed in 2021.<\/p>\n SHIB remains the second-largest meme coin, but only thanks to the double-digit collapse MemeCore (M) recently experienced<\/a>. The market capitalization of the self-proclaimed Dogecoin killer has tumbled below $2.5 billion, making it the 36th-biggest cryptocurrency.<\/p>\n The rising number of SHIB wallets is perhaps the only real glimmer of optimism for Shiba Inu lately. Its burning mechanism, which saw<\/a> a major resurgence last week, has once again slowed, while Shibarium\u2019s activity has fallen to near-idle levels.<\/p>\n The layer-2 scaling solution, designed to enhance Shiba Inu\u2019s ecosystem by boosting speed, lowering transaction fees, and improving scalability, initially processed millions of transactions on a daily basis. Over the past months (especially after Shibarium\u2019s exploit<\/a> last year), those have tumbled to mere thousands and hundreds.<\/p>\n These negative factors, combined with the fading interest in the meme coin, suggest that bulls might have to suffer more pain in the near future. According<\/a> to BSCN, SHIB\u2019s daily trading volume was close to $700 million a year ago, but today (July 13) it is struggling to reach $50 million.<\/p>\n The sentiment among analysts and industry participants is also particularly negative. Recently, popular trader James Wynn described<\/a> SHIB as \u201cold, dead, and boring,\u201d suggesting it may not recover for another 5-10 years until nostalgia potentially brings it back.<\/p>\nFurther Slump Incoming?<\/h2>\n
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