Shiba Inu investors on the rise but prices continue to fall

The popularity of the digital coin Shiba Inu among investors continues to grow. Shiba Inu is known as a popular token in the cryptocurrency market. But instead of increasing its price, it is seeing a decline. A report says that even though the price of this meme coin is falling, the number of its holders is increasing. The number of Shiba Inu holders has crossed 10 lakhs and soon it may reach 11 lakhs.

According to data from Etherscan, the number of holders of the Shiba Inu cryptocurrency is registering a steady increase. Whereas the price of Shiba Inu is continuously declining. On December 20, the price of this Mimecoin saw a big drop of 7.8 percent. According to the Gadgets 360 Cryptocurrency Price Tracker, the Shiba Inu was priced at Rs 0.002209 per token at the time of writing this news. The last big jump in the price of this digital coin was seen at the end of November when it was listed on Kraken. This means that even the increasing number of holders are not able to take its price up.

According to Gadgets 360, looking at the Shiba Inu price history, after December 12, this cryptocurrency has not seen any major gains. The month of December is about to end but its price has shown an increase only thrice this month and this was also a marginal increase.

It is believed that the reason for the huge drop in this meme cryptocurrency is the withdrawal of investors from riskier assets. According to experts, the situation is not very good for risky assets in the financial markets. Recently, the Shiba Inu broke below its main support level of $0.000032 and it was located in the range of $0.00002350 – $0.000032.

Now it remains to be seen whether the Shiba Inu reaches the lowest level of this range at $0.00002350 or rises above it again. However, market experts say that the Shiba Inu may touch this lower level as riskier assets are currently under heavy pressure.

As per the report, the relative strength index (RSI) graph for the Shiba Inu seems to be going down as its price continues to decline. The nearest support level for the Shiba Inu is located at $0.00002915. If it breaks below it, it will move towards the $0.000027 support level. If it still falls after this then the next support level for this crypto token will be $0.00002350. For the price to continue rising higher, it needs to cross the $0.000032 support level.

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