The well-known meme coin Shiba Inu (SHIB) reached a new milestone last weekend as it gained 1,235 additional holders on the Ethereum (ETH) network in a single day. Shiba Inu, originally launched on Ethereum, has also expanded its presence to Binance Smart Chain (BSC), increasing its footprint across major blockchain ecosystems.
Holder growth and historical October rally
Shiba Inu is now approaching a total of 1.7 million unique wallet holders. Many of these new investors are reportedly positioning themselves for October, a month that has historically favored SHIB’s price performance. Notably, Shiba Inu surged 833% in October 2021, followed by increases of 10% in 2022 and over 15% last year.
This consistent uptick in October, often referred to within the community as ‘Uptober’, has set expectations that SHIB might attempt to surpass its key resistance at $0.00001 if similar trends play out this year. September has already seen strong momentum, with the number of new SHIB holders on Ethereum exceeding 8,935 as of the most recent count.
Despite the coin trading relatively flat, the steady increase in unique holders is often viewed as a positive indicator. Sustained growth in wallet addresses can potentially support future price appreciation by expanding the asset’s investor base.
Current market performance and trading activity
However, the recent influx of holders has not translated into immediate price gains. SHIB’s price declined by 4% over the last 24 hours, falling to $0.00000569, based on CoinGecko data. Daily trading volume for SHIB stood at $99,461,384, trailing behind several other tokens with comparable market capitalizations. The limited trading activity may contribute to subdued price volatility in the near term.
In futures markets, SHIB is exhibiting a similar pattern. Over the same 24-hour period, speculative trading volume barely exceeded $51 million, according to figures from CoinGlass. Notably, of the $299,990 in total liquidations of highly-leveraged futures positions, bullish positions accounted for $295,400. This imbalance suggests that over-leveraged bullish traders faced significant liquidations, potentially clearing out excess risk ahead of a larger move.
Meme token trends and investor activity
While many are watching technical factors like resistance levels and liquidation data, recent developments in the wider meme token market highlight the importance of closely monitoring investor behavior. In this niche, internet trends can rapidly transform into millions of dollars in volume within days.
Tracking the timing of purchases and the specific meme tokens chosen by investors has become increasingly important for those looking to identify emerging trends early. Fomo App serves this need by offering a single platform where users can discover new tokens and execute trades while gaining real-time insights through social feeds, investor rankings, and trade notifications.
One notable example involves a “Niu Lai” trade, which turned an initial $99 commitment into roughly $370,000, reflecting how quickly fortunes can change in this sector. By integrating social and trading features, Fomo App aims to bring transparency and efficiency to meme token markets, drawing attention to both price dynamics and participant activity.
Shiba Inu’s expanding holder base on Ethereum, combined with the tendency for meme tokens to attract rapid interest through social trends, underscores how closely investor sentiment and market timing influence this evolving segment. The integration of tools like Fomo App allows participants to monitor both prices and investor movements, which can be critical to capitalizing on new opportunities.
