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Following
SHIB 
M Key Shiba Inu indicators hit record highs, but SHIB prices continue to decline: Details
This memecoin is still mired in a heavy downward trend triggered by a long-term bear market and other negative factors. Despite the severe environment, the holder base of Shiba Inu coins continues to rise, reaching a record high in recent days.
New record
The total number of SHIB wallets has grown slowly recently, but there was a sharp jump earlier this month. According to the X account BSCN, the memin added nearly 75,000 new holders between July 5 and 6-well above its daily growth level. It is unclear why this number has soared so sharply, and some speculate that there may be a technical glitch. In any case, the current total number of holders is 1,676,535, a record high.
This growth figure is in sharp contrast to the sharp decline in the price of Shiba Inu. As of writing, the trading price of SHIB is approximately US$0.000042, a monthly decline of 15%, which has plunged 95% from its historical peak in 2021.
SHIB remains the second-largest memin coin, but this is only due to the recent double-digit plunge suffered by MemeCore (M). The market value of this cryptocurrency, which calls itself the "dogcoin killer", has fallen below US$2.5 billion and currently ranks 36th among cryptocurrencies.
Further decline is coming?
The growth in the number of SHIB wallets may be the only real optimistic sign for Shiba Inu in the near future. Its destruction mechanism rebounded sharply last week, but has now slowed again, and Shibarium's activity has dropped to near stagnant levels.
This second-level expansion solution aims to enhance the Shiba Inu ecosystem by increasing speed, reducing transaction fees and improving scalability, initially processing millions of transactions per day. But in the past few months, especially after the attack on Shibarium last year, daily transaction volumes have plunged to thousands or even hundreds.
These negative factors, coupled with fading market interest in memein, suggest that bulls may face more pain in the short term. According to the BSCN, a year ago, the daily trading volume of SHIB was close to US$700 million, but today (July 13) it is difficult to reach US$50 million.
The sentiment among analysts and industry participants was also particularly pessimistic. Recently, prominent trader James Wynn described SHIB as "old, dead and boring" and suggested it may have to wait another five to 10 years before nostalgia may bring it back.
