New wallet creation in the Shiba Inu ecosystem has held steady at between 5,000 and 12,000 per month, pushing total holders past 1.50 million — a sign that retail interest has not dried up despite a rough stretch for the token’s price.
Tokens Flow Back To Exchanges
That growth figure, released by the Shibarium team, comes at an awkward time. On-chain data from CryptoQuant shows that nearly 40 billion SHIB tokens moved into exchanges over a 24-hour window ending March 26, with outflows failing to keep pace.
The result was a positive netflow — a condition that typically signals more selling firepower sitting on trading platforms. Exchange reserves climbed from 81.20 trillion to 81.29 trillion tokens during the same period, confirming the trend.
When holders move tokens off private wallets and onto exchanges, it does not always mean a sell-off is coming. But it does mean those tokens are now within easy reach of anyone looking to exit their position quickly. With market conditions still choppy, that availability matters.
SHIB dropped 4% over that same 24-hour stretch. The decline was not isolated — broader crypto markets also fell during this period. Still, the token’s technical picture added its own weight to the slide.
Price Hits A Wall At Triangle Resistance
According to analysts, SHIB attempted to push through the upper boundary of a descending triangle pattern and was turned away. Descending triangles are generally considered bearish formations.
Each failed attempt to break through the top of the pattern tends to reinforce selling momentum, and this rejection was no different. The price pulled back after failing to clear that level, adding to what had already been a difficult day for the token.
The combination of a technical rejection and rising exchange inflows gave traders little reason for confidence in the short term.
Ecosystem Activity Tells A Different Story
The Shibarium team’s wallet data points to an ecosystem that is still drawing in new users. Between 5,000 and 12,000 new wallets were created monthly — a pace that has been consistent enough to push the holder count beyond the 1.50 million mark. More wallets generally mean more participants, and more participants tend to support demand over time.
Whether that longer-term demand is enough to absorb the near-term selling pressure is a question the market will answer on its own. For now, both forces are visible in the data — one pulling the price down, the other quietly building underneath it.
Featured image from A-Z Animals, chart from TradingView