On-chain data indicates a disparity in the conduct of both existing and new SHIB investors. According to data from Glassnode, a crypto analytical platform, there has been a recent surge in the creation of new SHIB addresses. Nevertheless, the value of the primary meme coin has remained static during the same period.
Ali Martinez, a distinguished market observer, noted the upswing in SHIB, particularly the sudden surge on May 26, when 2,538 fresh SHIB addresses were added to the network in one day. This increase was the most significant rise in the number of SHIB addresses over the past three months.
Despite the recent upsurge in network activity, SHIB’s value has remained relatively constant. The meme coin’s price has continued to trade within the narrow horizontal channel it has maintained for the past three weeks. During this duration, SHIB’s value oscillated between an upper limit of $0.00000917 and a lower support of $0.00000829.
An alternative analytical platform, Santiment, has provided evidence of a surge in active deposits for SHIB. Typically, an increase in active deposits may imply that investors are potentially divesting their assets. However, in the current scenario, the exchange balance for SHIB has remained relatively unaltered. This overall suggests that new participants in the network are displaying bullish inclinations.
The available data indicate that there is a possibility of bullish investors joining the Shiba Inu network lately. However, the final outcome portrays a corresponding resistance from existing investors who have a bearish perspective. The absence of a rebound in SHIB’s value implies a lack of involvement from the more than 1.2 million existing SHIB addresses.
Crypto enthusiasts may attribute the lack of involvement to the prevailing market trend. The crypto market has been consolidating since the initial Q1 2023 rally subsided. Certain analysts perceive this as typical conduct of the crypto market as it braces itself for augmented volatility in anticipation of the next Bitcoin halving event. This article titled “SHIB Struggles Amid Contradicting Behavior From Investors” was originally published in Coin Edition.
