The ecosystem of a popular meme coin has attained two major milestones, showing the continued interest in the token that could lead to a bullish scenario. Analysts reported that Shiba Inu recently reached 1.5 million holders while its Shibarium recorded 10 million blocks, an indicator that the SHIB ecosystem could attract new users.

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1.5 Million SHIB Holders

Crypto analysts revealed Shiba Inu successfully achieved a major milestone, offering a bright spot for the broader cryptocurrency market which has faced some challenges recently.

The project’s marketing lead, LUCIE noted that the meme coin hit 1.5 million holders on March 18, reaching such a milestone is an important achievement for any crypto.

As of writing, about 843 new holders have joined the Shiba Inu ecosystem, indicating that the token remained attractive to traders.

SHIB has reached 1.5 million on-chain holders! pic.twitter.com/sKaAO57R6I

— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) March 18, 2025

Analysts believe that Shiba Inu’s milestone suggests continued interest in the meme coin, fueling the token’s significant growth. It also showed a bullish outlook on the meme coin.

Market observers said that the milestone might signify the unwavering belief of its community in the token.

10 Million Blocks For Shibarium

Meanwhile, Shiba Inu’s Ethereum Layer 2 network, Shibarium also recorded a win after surpassing 10 million blocks with an estimated 10,010,974 blocks as of press time.

Crypto analysts said that this achievement is proof of the network’s longevity and reliability, adding that it could entice more new users.

Market observers noted that the network has experienced exponential growth in total addresses in the last few weeks as it now tallies almost 175 million.

Shibarium’s growth is crucial in burning SHIB tokens and a major price control mechanism. Many investors are optimistic that diminishing supply and solid demand might send the token to surge. Shibarium played an essential role in burning around 713 million SHIB.

Unmoved By The Crypto Downturn

Many analysts say that milestones achieved by Shiba Inu and Shibarium offer a great deal of hope to investors, considering the ongoing downtrend in the cryptocurrency market.

For instance, Shiba Inu tanked by about 68% in the last four months, dipping from a high of $0.00003343 in December 2024 to a low of $0.00001082 in March 2025.

On the other hand, some analysts raised their concern about Shiba Inu underperforming the competition, noting that the token only increased by 98% following the US presidential election, while the Dogecoin skyrocketed by 200%.

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Currently, Shiba Inu is traded at $0.00001288 per token, down by 0.2% in the past 24 hours with a total market cap of over $7.5 billion.

Featured image from Getty Images, chart from TradingView

Ethereum, like the broader crypto market, has experienced a sharp drop in price in recent weeks. From a high of $3,352 at the start of 2025, Ether now trades around $1,800 and $1,900, reflecting a sharp drop to the world’s second-biggest crypto by market cap. Looking at Ether’s bigger picture, it’s down 47% from last year’s value.

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If we go by the latest analyses and observations from commentators, Ether’s price correction will likely be extended. The altcoin is facing a huge bearish wave, with plenty of market factors undermining its price performance.

One significant factor is Standard Chartered’s recent decision to cut its price prediction by 60%, confirming market expectations.

News: Standard Chartered slashes ETH price target!

The bank cuts its 2025 ETH forecast from $10K to $4K, blaming Layer-2 networks like Base, which they say has drained $50B from Ethereum’s market value.#Ethereum #ETH #Crypto #Layer2 #Base #Blockchain

— Andres Meneses (@andreswifitv) March 17, 2025

Ethereum Faces A Descending Channel

Ethereum is currently in a price slump, and many experts expect a much deeper dive in the next few weeks. Ether’s price is currently floating above the $1,900 level as it continues its bearish price movements.

Analysts use the MACD indicator to verify and confirm the asset’s bearish sentiment. Also, the asset’s moving averages suggest a neutral trend and possible price consolidation.

Ethereum (ETH) remains in the correction zone today, trading around $1,874. The price continues to move in a descending channel, indicating a possible continuation of consolidation. Moving averages confirm the neutral trend: the price is holding below the 50-day and 200-day MA,… pic.twitter.com/R3vNqFBDkZ

— LVelarde (@0xvelarde) March 17, 2025

According to a crypto user named “LVelarde,” Ether’s price continues to follow the descending channel, suggesting price consolidation. The asset’s price is consolidating below its 5-day and 200-day moving averages, with traders looking for possible rejection or breakout. Since it fell below $2k, sentiments have been generally bearish, with many questioning its future price trends.

Standard Chartered Cuts Price Estimates For Ethereum

Even some of the biggest banks, like Standard Chartered Bank, are lowering their expectations of Ethereum. From a high of $10,000, the bank is reducing its price target to just $4,000, explaining that the Layer 2s are impacting its bottom line.

The bank added that changes and improvements to the blockchain affected its overall value, like its shift to the proof-of-stake and scaling roadmap.

Standard Chartered used Coinbase’s Base Layer 2 as an example, suggesting that the project has cost Ethereum $50 billion from its market cap. According to Geoff Kendrick, Standard Chartered analyst, Ethereum’s losses will continue as Base’s dominance in the industry continues.

Kendrick calls this the blockchain’s “midlife crisis”, adding that Ethereum’s chain has become a commodity with its Layer 2 framework.

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Things Ethereum Can Do To Address Its Slide

According to Kendrick, Ethereum can address its downturn in two ways. First, it can leverage its security-based dominance in the context of the tokenization of real-world assets (RWA). If Ethereum focuses on security, it can maintain its 80% market share.

Second, it can charge taxes for its Layer 2s, but it’s highly unlikely. Kendrick expects Ethereum to continue its underperformance in the short term.

Featured image from Bloomberg, chart from TradingView