The number of wallet addresses holding the SHIBA INU token has recently increased by over 9% in the last two weeks after breaching an earlier 738,000 address count. While in a sideways market range, retail demand for the SHIB token drew in over 60K of the new holder of the token, which accounts for a more than 9% increase.
On-chain analysis shows an address purchasing over 8 trillion SHIB tokens that are valued at roughly 239.4 million USD following an earlier liquidation of about 31 billion SHIB tokens showing that investors continue to maintain a solid bullish outlook towards the project.
Investor confidence is believed to be on the increase because the SHIB token has grown from being a meme coin into a robust decentralized exchange [ShibaSwap] that now offers staking, swapping, farming, and NFTs.
Let’s move on to analyze the price charts of the SHIBUSDT.
Shiba Inu (SHIB) Weekly Chart Analysis
An overview from the weekly time frame shows the sudden price surge and exit of a bear
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