Shiba Inu Defies Bear Market as Wallet Count Hits 1.54M

Shiba Inu (SHIB) is defying cryptocurrency market pessimism with one of the strongest community-driven displays of conviction in the crypto space. Despite an 18% monthly decline and ongoing selling pressure, more than 1.54 million wallets now hold SHIB according to the latest data from Etherscan. This steady rise in wallet count shows growing investor interest even as the token struggles to stay above the $0.00001 level, currently trading near $0.00000985 with a market capitalization of about $5.86 billion.

The growth in holders, though modest, reflects continued confidence in Shiba Inu’s long-term prospects. On-chain analyst Etherscan_SHIB described the trend as “strong momentum,” noting that new investors continue entering the ecosystem even amid volatility. The community’s ability to expand during a bearish cycle that has seen SHIB decline over 47% year-over-year underscores the meme coin’s enduring cultural and retail appeal, with many investors viewing the current price levels as accumulation opportunities.

Despite strong community participation, short-term risks for Shiba Inu remain elevated. Data from CryptoQuant revealed that SHIB exchange reserves rose by over 56.6 billion SHIB within 24 hours, suggesting increased selling intent among some holders. The movement of tokens from self-custody to exchanges typically signals short-term profit-taking or fear of further downside, creating additional selling pressure that could challenge recent price stability.

Technical analysts are pointing to a descending triangle formation on SHIB’s chart, a bearish pattern that often precedes breakdowns. The base support around $0.00001052 has been tested multiple times since April, and a confirmed breach could push prices toward $0.000006. Nevertheless, Shiba Inu’s ability to avoid “adding another zero” to its price this week has been celebrated as a small but meaningful psychological victory for holders who have watched the token struggle throughout 2024.

Analysts remain divided on whether SHIB can mount a strong comeback in 2025, with optimists citing the growing Shibarium layer-2 adoption and an active token burn mechanism as potential catalysts for a long-term rebound. These mechanisms aim to reduce SHIB’s massive 589 trillion supply, which critics argue is the biggest barrier to significant price appreciation. The token burn program has become a central focus for the community, with various initiatives designed to systematically reduce the circulating supply.

Bullish forecasts suggest that if burns accelerate and network utility grows through Shibarium adoption, SHIB could retest the $0.000025–$0.00005 range in a favorable 2025 market environment. However, skeptics warn that sustained gains will depend on Shiba Inu delivering on its broader ecosystem promises in DeFi, metaverse, and NFT marketplace development. The success of Shibarium in attracting developers and users will be particularly crucial for transforming SHIB from a pure meme coin to a utility-driven asset.

For now, while the price action remains fragile, the loyalty of its 1.54 million holders emphasizes one undeniable truth: the Shiba Inu community isn’t giving up its fight for a comeback. The growing wallet count amid challenging market conditions suggests that retail investors continue to believe in the long-term vision, even as technical indicators and exchange flow data paint a more cautious short-term picture.