The number of Shiba Inu holder addresses has topped 1.6 million for the first time.

Blockchain outlet The Crypto Basic reported on July 4 that Shiba Inu has slipped outside the top 30 by market capitalisation after a recent price pullback, but on-chain indicators and exchange flows continue to show signs of accumulation.

Shiba Inu rode an early-July rebound and at one point climbed to 29th by market value. But the rise did not last long. The price slipped from about $0.0000045 to around $0.0000043. It is now trading at $0.000004399, ranking 31st with a market capitalisation of $2.59 billion. Near Protocol (NEAR) and Cronos (CRO) rank above it by market value.

While the price lost momentum, network metrics increased. Based on Etherscan data, Shiba Inu holder addresses stood at 1.6 million. The number of new wallet addresses added in July has also exceeded 1,700. This can be interpreted as indicating that many investors view the recent weakness not as a sell signal but as a low-price buying zone.

Exchange inflow and outflow data pointed in the same direction. Over the past 24 hours, investors withdrew about 445.1 billion SHIB from exchanges, while deposits over the same period totalled 393.72 billion SHIB. Net outflows were 51.38 billion SHIB. The market typically views moving assets from exchanges to personal wallets as an accumulation signal for long-term holding.

Still, the amount remaining on exchanges is not small. Exchange holdings stand at around 86.97 trillion SHIB. The latest net outflow is more notable because it came after about 665 billion SHIB had flowed into exchanges.

Seasonal performance has been mixed, but July returns have generally not been bad. Shiba Inu posted its weakest July in 2021, falling 28.5 percent. It then rose 13.4 percent in July 2022 and gained 11.8 percent in July 2023. It fell 7.47 percent in July 2024, but ended the following year’s July up 8.92 percent. This July, it is still up 4.74 percent so far even after giving back part of its early gains. The average July return was calculated at 0.47 percent and the median at 6.82 percent.

Technical indicators are also raising expectations of a short-term rebound. Analysts said that on a four-hour chart, the 23-day moving average crossed above the 50-day moving average near $0.000004346, forming a “mini golden cross”. That suggests buying pressure may be starting to outweigh recent selling pressure.

Some analysts accordingly set a short-term target range for Shiba Inu of $0.00000470 to $0.00000480. That implies roughly 9 percent upside from the current price. But the 200-day moving average remains above the current price and could act as a strong resistance level if buying momentum weakens.

Shiba Inu has slipped back outside the top 30 by market value based on price, but holder address growth, net exchange outflows and improving short-term technical indicators are appearing at the same time. Key points to watch will be whether it can break above the 200-period moving average, and whether the amounts leaving exchanges translate into actual medium- to long-term holding.