Shiba Inu (SHIB), a meme coin, is in the midst of a contradictory scenario as veteran holders and newly emerging addresses have conflicting opinions, leading to a state of uncertainty.
Some long-time holders still firmly believe in the token’s potential after surviving its volatile journey so far. On the other hand, new addresses fascinated by the recent hype surrounding SHIB bring a mix of skepticism and curiosity. This opposing sentiment within the community creates a dynamic landscape full of opportunities.
However, there is a glimmer of hope as the trust of whales and potential for wider acceptance could play a crucial role in shaping the future of the token.
New addresses signal growing interest in SHIB
The Shiba Inu ecosystem recently experienced a noteworthy development as the number of new addresses on the SHIB network reached 2,538 on May 26, according to Glassnode. This figure represents the highest influx of new participants or investors into the SHIB ecosystem since February.
Such an increase in new addresses indicates growing interest in the SHIB token and may have an impact on market dynamics. Furthermore, it serves as evidence of increased demand for the token within the crypto community.
Long-time Shiba Inu holders face challenges
While the entry of new participants is a positive sign for the SHIB ecosystem, the same cannot be said for long-term holders of the token. IntoTheBlock data shows that about 78% of SHIB holders are currently in a situation of loss.
This suggests that the majority of long-term SHIB holders have experienced a decrease in the value of their investments, which can be discouraging for those who have held the token for an extended period.
Currently, the price of SHIB is at $0.00000877, according to CoinGecko. However, recent market movements have led to some value fluctuations. Over a 24-hour period, SHIB recorded a slight decrease of 0.8%, followed by a week-long decline of 3.0%.
Long-term value of the meme coin
The current surge in new addresses and ongoing interest from Ethereum whales in SHIB reflects a contrasting narrative to its dismal performance in the past year and preceding months.
Despite this historical underperformance, insights from a crypto market analysis platform showed that an incredible 80% of SHIB holders have significant amounts of tokens in their portfolios. Additionally, data from WhaleStats showed that SHIB remains the most traded token among Ethereum whales in the last 24 hours.
These findings suggest that despite SHIB’s weak performance, significant interest and confidence remain among influential market participants such as Ethereum whales. This ongoing interest from these cohorts implies that they consider SHIB a potentially valuable asset to hold in the long term.
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-Selected image from MIT Sloan Management Review
