Shiba Inu Sees A Shift: Short Term Holders Take Possession Of 23 Trillion SHIB
20 Março 2024 - 4:00PM
NEWSBTC
Current market dynamics have seen Shiba Inu (SHIB) shedding off a
lot of its gains earlier in the month. SHIB kickstarted a price
surge on February 29th at $0.00001178 to reach $0.00004456 for the
first time since December 2021, representing a surge of over 278%
in the space of three days. However, it seems investors are
now pulling away from the meme cryptocurrency, and the bull frantic
earlier in the month seems to be disappearing. Interestingly,
on-chain data indicates that a chunk of over 23 trillion SHIB has
moved from the hands of long-term holders into the wallets of
short-term holders in the past four days. This cohort of addresses
is known to hold their SHIB tokens for quick returns instead of
holding them long-term. Shiba Inu Price Downtrend Expected to
Extend Beyond 45% SHIB has been on a general downtrend since March
5 with the formation of lower highs in cases of brief uptrends.
Notably, the crypto has dropped by 46% since attaining this
two-year high. At the time of writing, SHIB is trading at
$0.000024, down by 4.79% and 27% in the past 24 hours and seven
days, respectively. Related Reading: Is Ripple Behind The XRP Price
Crash? Massive Selling Spree Sparks Concern According to data from
IntoTheBlock, Short-term Shiba Inu owners have now increased their
possession by 23 trillion SHIB in the past four days, signaling
lower prices ahead. According to ITB’s “Balance by Time Held”
metric, the balance held by traders holding for less than a month
has increased by 385% in the last 30 days. At the same time,
long-term holders (more than a year) and cruisers (holding for one
to 12 months) have reduced their balance by 9.27% and 11.30%,
respectively. This interesting movement demonstrates the
current dynamic among the various cohorts of SHIB traders. The
decrease in long-term holder balance indicates they might be taking
profit after holding for so long. At the same time, so much of the
supply is moving into the hands of short-term traders seeking quick
profits, making SHIB vulnerable to continued selloffs. Technical
Analysis: What’s Next For SHIB’s Price? The overall technical
indicators for SHIB point to short-term correction unless there is
a change in bullish sentiment. The meme token has now broken below
support at the $0.000026 price level and is now moving towards
$0.000023, a level that has acted as a major resistance earlier in
the month. Related Reading: Crypto Report Says ‘Alameda Gap’ Is
Gone After Bitcoin Rally, What This Means On the other hand,
several fundamental factors point to a potential price recovery and
continued growth for the meme coin. Despite its recent correction,
the price of SHIB is still up by 144% in the past 30 days, which
shows the uptrend can resume anytime soon. SHIB price rallies
to $0.000026 | Source: SHIBUSDT on Tradingview.com Featured image
from The Market Periodical, chart from Tradingview.com
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