- Shiba Inu investors have increased by more than 21,000 in a month.
SHIB is currently consolidating with a potential breakout.
Investors can buy now to lock value, although further declines are possible.
As of July 11, the number of investors holding Shiba Inu SHIB/USD was 1,199,539. The number is a jump from 1,178,157 as of June 12, according to data by CoinMarketCap. The monthly jump in SHIB investors happens despite the current crypto bear sentiment.
The growth in investors also comes along with a rising utility of Shiba Inu. Shiba Inu is slowly relinquishing its meme tag by innovating in the payments and metaverse areas. The network plans for a Shiba Inu metaverse, where users can play games and own virtual lands. No specific date is given for the launch of the metaverse, although it is expected this year. Investors are positioning themselves for a potential increase in the utility of Shiba Inu.
The increase in investors holding SHIB may not accurately predict a price jump. However, it suggests that investors are expecting the price to pump following the recent declines. We believe that SHIB presents a short-term opportunity. The crypto-token could pump once a key breakout occurs.
Shiba Inu holds onto support as the number of investors rise
Source – TradingView
From the daily chart, Shiba Inu is consolidating. The MACD indicator is slightly bullish. The token keeps $0.00001 support intact. SHIB investors should watch for a breakout from the $0.00001 to the $0.000012 consolidation zone. Short-term focused investors can buy the bottom at $0,00001 and ride up to $0.000012. However, the price jump is speculative, and the price could drop below the support. A long-term buy is recommended at the current level. Alternatively, investors should consider buying after a break above the $0.000012 resistance.
Summary
Shiba Inu is consolidating as more investors add positions. The price could rise from the $0.00001 level. The token faces resistance at $0.000012.
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