Shiba Inu has now achieved status as the second-largest cryptocurrency by market capitalization and has been growing in adoption in recent months thanks to high-profile endorsements from celebrity fans such as Eon Musk.

Sitting second only to Dogecoin in the global market, Shiba Inu is a dog-themed meme cryptocurrency that is hosted on the Ethereum blockchain.

The most valuable coins are Bitcoin and Ethereum but there are plenty of Altcoins aiming to benefit from crypto interest in 2022 and since its inception in November 2020 Shiba Inu’s value has increased by 49,539,173% which makes it one of the best performing cryptocurrencies over the last couple of years.

This week, Shiba Inu has taken a new step.

According to the latest data obtained from WhaleStats, the total number of wallets containing Shiba Inu tokens now stands at 1,145,212.

This latest development means a growing number of investors are buying Shiba Inu despite the cryptocurrency’s poor performance in recent months.

Shiba Inu is currently trading at $0.000027, down 67% from the all-time high of $0.000086 reached on October 28, 2021.

Shiba Inu is trading below its 50-day moving average price of $0.000033 and the moving average convergence divergence line (MACD) has been below the neutral zone since November, indicating a strong downtrend.

And, according to FXEmpire, the Relative Strength Index (RSI) of 39 shows that Shiba Inu could soon enter the oversold region – if existing market conditions hold.

Shiba Inu would need the support of the broader cryptocurrency market to allow him to break out of his ongoing downtrend.

DISCLAIMER: Nothing in this article should be read or understood as financial and/or investment advice. Readers should take their own financial advice from a suitably qualified independent financial adviser before making any investment decision.

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