Shiba Inu ($SHIB) Adds Over 50,000 New Holders During Crypto Market Rout

The meme-inspired cryptocurrency Shiba Inu ($SHIB) has added over 50,000 new holders on the blockchain even amid a cryptocurrency market rout triggered by the collapse of the popular cryptocurrency trading platform FTX. According to data from CoinMarketCap and Etherscan, the number of unique addresses holding Shiba Inu on the blockchain has grown from around 1.

Timeline of Shiba-inu

Shiba Inu (SHIB) capitalized heavily on the meme coin hype but failed to find its footing as the project lacked utility. Orbeon Protocol (ORBN) is the definition of utility. Both its token and platform will provide many features and benefits and solve problems for its users.

Despite the entire cryptocurrency sector still feeling heavy aftershocks of the earthquake caused by the FTX liquidity crunch, dog meme coin Shiba Inu (SHIB) hasn't seemed to suffer any losses in the number of investors – quite the opposite.

 SHIB's RSI and stochastic were oversold, pointing towards a trend reversal However, SHIB's EMA Ribbon stood in opposition of SHIB's price hike   One of the most popular memecoins, Shiba Inu [SHIB], has kept its investors unhappy as its chart bled red. According to CoinMarketCap, SHIB registered more than 5% negative daily gains.

Shiba Inu (SHIB) is a popular digital currency born as the memecoin rival of Dogecoin (DOGE), Elon Musk's beloved dog-themed currency. The SHIB token had a rather chaotic bullish rally in 2021 as fear of missing out (FOMO) invaded users into buying a currency that was reaching unbelievable heights.

Despite the negative sentiment in crypto markets after the FTX collapse, many traders flock to memecoin Shiba Inu (SHIB). The post SHIB Army Remains Positive as Memecoin Social Sentiment Index Remains Positive appeared first on BeInCrypto.

Shiba Inu price prediction remains bullish above $0.0000088 as it has closed Doji and spinning top candles above this level. Most of the bullish trend has been caused by an increase in Shiba Inu trades that has topped $1 billion.

Shiba Inu's NFT ecosystem witnessed growth last week A few metrics suggested that a trend reversal can be expected soon  Shiba Inu's ‘SHIB the Metaverse' recently unveiled its new concept art, named Dunes. After several weeks, a new update was revealed which looked promising for the much-awaited metaverse project.

While the crypto market has been severely affected by the recent collapse of famous crypto exchange giant FTX, the SHIB community continues to broader its adoption due to a potential announcement from the SHIB's team regarding its collectable card game (CCG) ‘Shiba Eternity' and upcoming layer-2 blockchain solution ‘Shibarium'.

Shiba Inu (SHIB) and XRP have shown strength in the present recovery in the market. The crypto market decline had been triggered by the FTX collapse, and even now, the negative effects are still being felt all across the space.

Although higher market volatility has changed the investors' sentiment, it didn't stop the global crypto-centric developments. For example, Dubai, which showed keen interest in cryptocurrency and web 3 technology, is again on the news cycle for being a rapidly growing crypto hub.