Shiba Inu's holder count reached a new all-time high of 1,676,535 wallets, but the meme coin's price continues to slide, trading around $0.0000042 — down 15% in the past month and 95% from its 2021 peak. The divergence between rising adoption and falling value underscores the bearish pressure on SHIB, which remains the second-largest meme coin by market cap despite its market value dropping below $2.5 billion.
Surge in New Holders
The number of SHIB wallets jumped sharply in early July, with nearly 75,000 new addresses created between July 5 and July 6 alone — far exceeding typical daily growth. On-chain data from BSCN highlighted the spike, though the cause remains unclear; some analysts have speculated a technical glitch may have inflated the figures. Regardless, the total holder count now stands at a record high, contrasting with the token's persistent price decline.
Ecosystem Woes Mount
While the holder base expands, other key metrics paint a grim picture. SHIB's burn mechanism, which saw a resurgence last week, has already slowed again. Shibarium, the layer-2 scaling solution designed to boost transaction speed and lower fees, has seen activity tumble to near-idle levels — from millions of daily transactions to just hundreds or thousands after an exploit last year. Daily trading volume has also collapsed from nearly $700 million a year ago to struggling below $50 million today, reflecting fading interest.
Bearish Outlook
Market sentiment around SHIB remains overwhelmingly negative. Prominent trader James Wynn recently called the token "old, dead, and boring," predicting it may not recover for another 5–10 years until nostalgia potentially brings it back. Combined with the slowing burn rate and dormant Shibarium activity, the outlook suggests further downside pressure. Without a major market catalyst, the meme coin appears poised for additional pain in the near term.