The Shiba Inu team is again highlighting the importance of ecosystem growth, suggesting these fundamentals will attract those who value the asset.
The broader crypto market is witnessing a period of muffled price action, and Shiba Inu (SHIB) and its ecosystem tokens have not escaped the consolidation spell.
Pessimism Amid Shiba Inu Downtrend
Particularly, after hitting a local top of $0.00001765 last week, Shiba Inu spent most of the week in a downtrend amid persistent bearish pressure in the broader market. SHIB lost 5.72% of its value last week and is already down another 4.87% this week.
Notably, Bone ShibaSwap (BONE), the governance token for the ShibaSwap DEX, also slumped 14% last week, with a 5.17% drop this week. In the same vein, TREAT is down more than 24% since last week, while Doge Killer (LEASH) has dropped 19% within the same timeframe.
However, this downtrend is not unique to the Shiba Inu ecosystem, as the altcoin market has lost over $30 billion in valuation since last week. Despite this reality, sentiments have turned sour within the Shiba Inu community, with some investors demanding some action.
“You Can’t Force People to Choose You”
Within this context, Shiba Inu marketing lead Lucie took to X to suggest that teams and builders behind any crypto project cannot force investors to choose or love their projects. According to her, no one can force an investor to buy any token. This comes on the back of growing pessimism among some proponents.
Lucie on X
However, Lucie insisted that instead of focusing on such aspects of the market, builders can continue growing and improving. Notably, the Shiba Inu ecosystem team has continuously prioritized this growth culture, introducing projects such as Shibarium and the ones currently in development like The SHIB Metaverse.
Lucie noted that growth, improvement, and developments such as these are enough to attract investors who will hold and value the token.
Shiba Inu Still Welcoming Investors Despite Uncertainty
Interestingly, this appears to be the case, as IntoTheBlock data indicates that whales have amassed 19.47 trillion SHIB this year, now holding 585.16 trillion tokens, despite the price struggles.
Shiba Inu Whales and Investors | IntoTheBlock
Within this period, lower investors holding between 0.1% and 1% of the circulating supply have distributed 10.61 trillion tokens, with their balance now sitting at 147.38 trillion, demonstrating their lack of conviction. Meanwhile, Shiba Inu has added 70,000 addresses this year, as total addresses with balances grow to 1.4 million.
This indicates that investors with conviction have continued to enter the market, looking to capitalize on the ongoing consolidation to procure the token at lower prices before the next upsurge. Lucie has suggested that Shiba Inu could reach $0.01 someday, but she noted that this would not happen soon.
