<span style="font-weight: 400">Despite the bitcoin market's shaky performance, the <a href="https://www.cryptoknowmics.com/news/shiba-inu-to-embark-trade-on-europes-prodigious-crypto-exchange-next-year/">Shiba Inu</a> network<a href="https://www.fool.com/investing/2021/11/18/shiba-inu-hit-a-major-milestone-later-this-month/" target="_blank" rel="nofollow noopener"> continues</a> to grow, with over 70,000 new members joining since it passed the one million milestones a little over a month ago. The current number of holders is a crucial foundational milestone for the coin, which has lately experienced a challenging period after nearly 70% of its value. </span>
<h2><span style="font-weight: 400">Shibu Inu Achieved a New Milestone</span></h2>
<span style="font-weight: 400">Although an increase in the number of users may not immediately impact the market price of a coin or token, the number of holders is a significant driver of the asset's future growth.</span>
<h1><img src="https://u.today/sites/default/files/styles/736/public/inline-images/19121.PNG" alt="Etherscan Page" /></h1>
<span style="font-weight: 400">With the increased number of holders on the network for projects like Ethereum and <a href="https://www.cryptoknowmics.com/news/michael-jordan-is-launching-a-solana-based-fan-engagement-platform/">Solana</a>, all future initiatives based on its blockchain are more likely to gain monetary backing from the community.</span>
<h2><span style="font-weight: 400">SHIBA'S Market Performance </span></h2>
<span style="font-weight: 400">The coin continues to fall in value, having lost more than 60 percent of its value since its first rise on the market. While the quick retracement that began at the end of October has been accelerating from the beginning, the daily volatility of the asset on the market has dramatically lessened.</span>

&nbsp;

<img src="https://u.today/sites/default/files/styles/736/public/inline-images/19122.PNG" alt="SHIB Daily Chart" />

<span style="font-weight: 400">Unfortunately for SHIB investors, the token does not have enough use cases to provide a constant fuel source for the asset's price. The market's only buying power was derived from big speculative purchases of whale-tier wallets, which currently possess $1.5 billion in tokens.</span>

<span style="font-weight: 400">The quick price gain at the beginning of October, which resulted in a more than 1,000 percent increase in less than a month, explains the token's high appeal among investors.</span>

<span style="font-weight: 400">The asset is currently trading at $0.000031, down 0.3 percent from its previous high. The asset's daily volatility has now reached roughly 0.5 percent.</span>

Shiba Inu Achieved a New Milestone of 70,000 New Owners

Shiba Inu network continues to grow, with over 70,000 new members joining since it passed the one million milestones a little over a month ago.

Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

Shiba Inu Achieved a New Milestone of 70,000 New Owners

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