Shiba Inu approaches 1.6 million holder addresses as wallet growth continues despite market pressure

The number of Shiba Inu wallet addresses is nearing a new milestone in its ecosystem. According to Etherscan data, the total number of addresses holding SHIB tokens has reached 1,599,919. This means only 81 additional addresses are needed for Shiba Inu to hit the 1.6 million mark.

Address growth continued in July

The EtherscanSHIB account, which tracks real-time developments in the Shiba Inu ecosystem, reported that wallet growth persisted in July. Since the start of the month, an additional 1,633 new addresses have joined the ranks of SHIB holders. Despite subdued overall market conditions, this suggests that Shiba Inu has managed to maintain and expand its investor base.

Crossing the 1.6 million address threshold could further solidify Shiba Inu’s standing as one of the most widely held crypto assets in the market. As a meme coin operating on the Ethereum blockchain, SHIB is renowned for its broad and highly engaged community.

Altcoin market remains under pressure

This increase in address numbers comes despite ongoing selling pressure affecting Bitcoin and most altcoins. The prolonged sluggishness in the altcoin market has tested investor patience, with analysts noting it represents the second longest period of weakness since 2020.

According to CryptoQuant, approximately 84% of the altcoins listed on Binance, including SHIB, are currently trading below their 200-day moving average. This situation has persisted for about eight months. The 200-day moving average is widely regarded as a key technical indicator tracking the long-term trend of an asset.

Glossary: The 200-day moving average is a technical indicator showing an asset’s average price over the last 200 days. If the price stays below this level, it is often viewed as a sign of long-term weakness in the market.

Signs of easing selling pressure emerge

On the other hand, CryptoQuant has observed that selling pressure across altcoins—after hitting a five-year high in June—has now retreated to multi-year lows. While this shift could point to possible relief in the market, analysts caution that a sustained recovery will require stronger buying demand to take hold.

Key SHIB price levels monitored

Over the past 24 hours, SHIB slipped by 0.05% to $0.0000043. On a weekly basis, it remains up by 2.84%. In a recovery scenario, resistance levels at $0.000005 and subsequently $0.00000622 are being watched. Should the decline persist, the $0.000004 mark could serve as a near-term support level.

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