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11 Trillion SHIB Swapped in Last 24 Hours as Price Reclaims Key Level

Tue, 10/25/2022 - 15:45
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Tomiwabold Olajide
Shiba Inu demonstrating mild increase
11 Trillion SHIB Swapped in Last 24 Hours as Price Reclaims Key Level
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According to CoinMarketCap data, 11 trillion SHIB, or 11,182,405,061,512 SHIB worth $112,678,356, have been swapped within the last 24 hours. Shiba Inu (SHIB) has reclaimed the $0.000010 level after briefly dropping to the $0.0000099 level.

At the time of publication, Shiba Inu was demonstrating a mild increase, up 1.06% at $0.000010. After reaching highs of $0.0000102 on Oct. 23 in a four-day positive move, the SHIB price turned down to trade below this key level once more.

35 Trillion SHIB Swapped in Last 24 Hours as Trading Volume Suddenly Jumps 23%

Sellers pulled SHIB to lows of $0.0000985 on Oct. 24. Shiba Inu is attempting to form a base at the $0.00000985 level as prices failed to decline beneath this level for the second day, which is today. The RSI has flattened below the midpoint, suggesting possible range trading before the next move.

The prices of Shiba Inu ecosystem tokens BONE and LEASH were also seeing mild increases in the last 24 hours, per CoinMarketCap data.

SHIB long-term holder increase

SHIB continues to attract a significant number of investors despite being down 88% from its all-time high. Crypto data tracker WhaleStats gives the current Shiba Inu holder count as 1,230,068, implying SHIB has gained more holders in recent months.

Shiba Inu "hodlers," referring to addresses that have held SHIB for more than a year, have displayed growth since the start of 2022, from less than 4% to over 37% of holders.

According to IntoTheBlock's data on holder composition by time held, 37% of SHIB holders have "hodled" their tokens for more than a year, 60% have held within a year and 3% have held onto their tokens for less than a month.

Long-term holders outnumbering short-term spectators might imply a shift in investor focus from a short-term view to a long-term one, which remains positive for Shiba Inu.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.