Shiba Inu amasses 20,000 new investors in May, however…

Saif Naqvi
Shiba Inu
Source: Pixabay

It’s certainly a frightening time to be a Shiba Inu investor judging by recent market trends. Several flash crashes in May triggered massive losses as SHIB’s price declined by as much as 60% in the month. However, new Shiba Inu investors appear to be calm amidst the storm. In the last 16 days, 20,000 new addresses have added SHIB to their portfolio amidst the market decline.

Source: CoinMarketCap

According to CoinMarketCap, the total number of unique addresses holding Shiba Inu rose by 20,000 since the start of May to its press-time value of 1,161,805. Notably, the bulk of the said increase came last week after SHIB’s price fell by another 40% and tagged its lowest level in over a year at $0.0000100.

What about whales?

Source: Whalestats

New investors entering the space was a good sign what about whales, which have become SHIB’s life-support in times of distress? Although whales did initially seem to share the same enthusiasm as new investors, their activity was not as consistent. The chart showed that whales were reluctant to add more SHIB coins in the past few days as transactions declined drastically.

Source: LunarCrush

Furthermore, Shiba Inu’s social activity was mostly lackluster last week, suggesting that hype trading would continue to be low unless a major announcement is dropped this week. The same could curtail SHIB’s price action going forward.

Where does the disparity leave Shiba Inu?

Source: TradingView

Shiba Inu’s price was trading between $0.00001300-$0.00001141 and with the hourly RSI hovering around 45, SHIB’s near-term bias was still bearish-neutral.

A lackluster response from whales and low social scores could likely offset any sentiment arising from new investors entering the SHIB space and hence, those expecting a SHIB rally based on the recent findings might have to taper their outlook.