BarksAndBrews (@shibarmyio)

Is Shiba Inu gaining holders even as its price struggles? SHIB added roughly 150,476 net addresses between the start of 2026 and Nov. 13, according to daily Etherscan-based holder tracking. That puts its holder count at 1,699,106, just thousands short of 1.7 million. The growth continued through months of price weakness. Many days saw hundreds of new addresses enter the count. But there's a catch: holders aren't necessarily people. The figure includes exchange wallets, smart contracts and users with multiple addresses. Even wallets with tiny SHIB balances count. More addresses don't automatically mean stronger demand, fresh capital or a price recovery. Is SHIB's expanding holder base a sign of resilience, or is the market right to ignore it?