Shiba Inu (SHIB): Is the Recent Slump a Sign of Waning Interest in the Cryptocurrency?
Shiba Inu (SHIB) cryptocurrency, known for its dog-inspired theme, is encountering difficulties in breaking free from a recent slump.
According to on-chain data, a decrease in network growth and long-term holders looking to sell their holdings could hinder SHIB’s price resurgence.
Glassnode’s recent data indicates a downward trend in new addresses on the Shiba Inu ecosystem since March’s beginning.
Currently, there are only 1,759 new addresses compared to 4,575 addresses recorded in February, highlighting a possible lack of interest in the coin or a shift towards other virtual assets.
According to Santiment, long-term holders of SHIB are offloading their assets, resulting in a significant sell-off and adding to the downward pressure on prices.
Moreover, on-chain data reveals a delay in active addresses, which represents the number of users engaged in successful transactions on the network. A decrease in new addresses on a blockchain network may imply a lack of enthusiasm for the platform’s essential services, potentially presenting a difficulty for SHIB in the near future unless this trend reverses.
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The latest update shows that the number of active addresses for Shiba Inu in the past 30 days has reduced to 106,000, indicating a decreased interest in using the token for transactions. The decline could be due to SHIB’s lackluster performance, resulting in an 18.65% drop in the same period.
Market analysts and investors are pondering if SHIB can rebound soon. Despite the impressive 5,000% surge in SHIB’s burn rate, the value of the token has remained unchanged over the last two weeks. Nonetheless, if SHIB surpasses its resistance level of $0.000012, it could prompt bullish investors to regain control and sustain a price upswing.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
