Shib's Address Count Surpasses 1.6 Million Despite Market Cap Decline

The number of SHIB wallets has surpassed 1.6 million for the first time. While SHIB's market cap dropped out of the top 30, on-chain indicators and exchange flows show continued accumulation. SHIB rose to 29th place in mid-July but failed to sustain the uptrend. Prices have declined from ~$0.0000045 to ~$0.0000043, currently trading at $0.000004399 with a $259 million market cap, ranking 31st. NEAR (NEAR) and Cronos (CRO) lead in market cap. Network indicators show growth despite price weakness, with 1.6 million SHIB wallets and 1,700 new addresses since July. Analysts note this suggests investors are accumulating at lower prices rather than selling. Exchange inflows/outflows also show net outflows of 51.38 billion SHIB, though remaining on-exchange holdings remain significant. While seasonal trends conflicted, SHIB's July returns were generally positive, with a 4.74% gain this month despite early retracements. Technical indicators suggest short-term bullish momentum, with analysts noting a 'mini golden cross' on the 4-hour chart as the 23-day moving average crossed above the 50-day moving average near $0.000004346.