According to an analyst affiliated with ClayBro, a cryptocurrency trading and analysis channel, #Shibainu (SHIB) has experienced a notable surge of 198.4% in the quantity of zero balance addresses on its network over a period of seven days. This information was shared in a recent YouTube video. Despite being a significant increase, the analyst has expressed a pessimistic outlook on the likelihood of SHIB's price seeing a corresponding rise due to this indicator.

According to the ClayBro researcher, the presence of a higher number of wallet addresses devoid of $SHIB tokens does not constitute a significant accomplishment, since these wallets may not engage in active transactions inside the network. However, the expert did not exclude the potential for these wallets to engage in transactions on the network at a later time.

Upon closer examination of on-chain metrics pertaining to SHIB, it becomes evident that there has been a decline in the creation of new wallets inside the SHIB network. Based on the analysis conducted, there has been an approximate reduction of 21% in the quantity of newly generated wallets inside the SHIB network.

In the interim, there has been a notable rise in the number of active addresses. While the rise in transactional activity on the SHIB network may be perceived as a favourable indicator, it is important to note that this activity encompasses both buying and selling actions, as highlighted by the analyst. Hence, the individual engaged in speculative reasoning, suggesting that the observed increase in this particular statistic may not necessarily result in a corresponding upward movement in the value of the meme currency.

From a technical perspective, it is seen that SHIB was trading below the 20-day Exponential Moving Average (EMA) line at the time of analysis. In addition, the alternative cryptocurrency has seen a period of consolidation within the price range between $0.00000700 and $0.00000755 for the duration of the last three weeks.

If SHIB is able to close a daily candle above the 20-day Exponential Moving Average (EMA) line, which is positioned at a value of $0.00000732, it may potentially break out of its current consolidation phase and have an upward movement towards $0.00000847 over the next two weeks. On the contrary, should SHIB experience a breach below the bottom boundary of the consolidation channel, it may result in a decline towards the price level of $0.00000633.