Shiba Inu is now adding approximately 600 active HODLer addresses every day. The 2022 bear market has been a rough one that has raged on for more than a year now. Cryptocurrencies across the market are generally bearish, including Bitcoin which has fallen by more than 70% from its all-time high to a low of $17,500 where it now sits.
This bear market has been especially harsh on Shiba Inu in particular, compared to the cryptocurrency's stellar performance in the 2021 bull run.
SHIB has fallen by 90.08% according to data from CoinMarketCap, making it one of the worst-affected cryptocurrencies on the market this year.
However, despite the general bearishness of the cryptocurrency, there are a few interesting aspects of its on-chain data.
Despite Shiba Inu's struggle to keep its head above water, the on-chain data on the cryptocurrency shows that investors are still highly interested in Shiba Inu.
According to Etherscan, the number of active HODLers on the Shiba Inu network has grown from about 1.25 million to about 1.251 million, indicating an average addition of about 600 HODLers daily.
Like the price of Shiba Inu, the crypto bear market has also gone to town on the number of active Shiba Inu HODLers, dropping the count from about 1,500 HODLers a day last year, to 600.
The number of Shiba Inu HODLers also dropped in November by a whopping 9000 HODLers, after the FTX crash that happened earlier in the month
However, the statistics on Shiba Inu still seem encouraging and indicate a healthy amount of Interest between Shiba Inu and its investors.
Shiba Inu has been bearish over the weekly and daily perspective, falling by $0.5 over the last day at the time of writing, and by 6.29% over the last week.
The cryptocurrency started its trading day at a high of $0.000008987 and sank to a low of $0.0000088684, before normalizing to $0.000008785 where it now sits.
Shiba Inu has been trading in the reds for the better part of December, trying to find a support zone from which to bounce to the upside.
CoinMarketCap data also shows that 79% of Shiba Inu HODLers are currently in losses, while 17 are still in profit and 4% are at break even.
SHIB price in the charts is bearish and is trading inside a descending channel. The cryptocurrency, after getting rejected at the $0.00001 support has now begun to trend to the bottom and is now eyeing a retest of the $0.0000083 zone where the bulls will likely try to initiate a bounce.
If the bulls fail to defend this zone against the bears, a further decline to the bottom of the channel can be expected, as the cryptocurrency falls further down to the $0.000007 zone.
If a bounce at $0.0000083 occurs, however, the bulls still have to worry about the $0.00001 resistance. Overall, the price action of Shiba Inu over the long, short, and medium terms is strongly bearish.
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