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Shiba Inu has continued to succumb to the resistance around $0.00001 despite on-chain data showing remarkable growth in weekly active and newly registered addresses.
As the broader crypto market enjoys a relief rally on the back of Bitcoin’s (BTC) rally above $50,000, investors have shown significant interest in Shiba Inu.
Shiba Inu Active Addresses Surge
This growing interest in Shiba Inu is reflected in a spike in the number of new and active addresses over the past week.
On-chain data from IntoTheBlock (ITB) suggests that the number of new registered Shiba Inu wallets has increased by 4.76% since last week.
Similarly, Shiba Inu’s active addresses have also surged by 28.36% within the same period. Besides these two metrics, addresses with zero SHIB balance have skyrocketed by 79.25% in the last seven days.
SHIB Faces Major Resistance
Despite the remarkable surge in Shiba Inu’s active and newly registered addresses, the value of SHIB has continued to trade below the $0.00001 price level. For context, the last time SHIB traded above $0.00001 was on January 12, 2024.
Since then, SHIB has fluctuated around $0.000009 for over a month, and has failed to reclaim the pivotal level despite the ongoing uptrend. It bears mentioning that the broader crypto market is enjoying a relief rally led by Bitcoin.
The top asset surged above $50,000 for the first in over two years. Interestingly, several altcoins have followed Bitcoin to record substantial gains in the past day.
However, Shiba Inu has yet to properly key into the relief rally. In the hours leading up to press time, the canine-themed token was changing hands at $0.00000960, up 3.14% over the past 24 hours and 7.72% in the weekly chart.
ITB’s data also revealed why Shiba Inu has been fluctuating around $0.000009 since last month. The road to $0.00001 is bumpy as the leading canine-themed token faces major resistance.
Notably, a whopping 1.35 trillion SHIB tokens were purchased around this area. Consequently, investors in this category could offload their SHIB holdings when the price rallies toward $0.00001, creating the major resistance.
Team Hints at Upcoming Valentine Package
In the meantime, the Shiba Inu ecosystem team could be planning to roll out an important initiative for the SHIB Army.
As the world anticipates Valentine’s Day tomorrow, Shiba Inu lead developer Shytoshi Kusama dropped a cryptic message, affirming that love is in the air while urging Shibarium community members to prepare their hearts and wallets.
Although Kusama did not shed light on the cryptic message, his subsequent posts on X suggest that the upcoming “Valentine package” could be related to Shiba Inu’s non-fungible token, The Shiboshis. However, this is speculative as of press time.
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