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According to CoinMarketCap data, 35 trillion SHIB, or 35,852,595,567,545 worth $433,228,651, have been swapped within the last 24 hours. Shiba Inu is also demonstrating a 23% rise in trading volumes despite the recent market drop.
An increase in trading volumes may suggest that investors' interest in a particular project remains intact and, thus, they are willing to commit to it, making it an important metric for meme cryptocurrencies. Also, despite the current price drop, a significant number of traders have held onto their positions in recent months.
According to IntoTheBlock's data on holder composition by time held, 29% of SHIB holders have "hodled" their tokens for more than a year, 68% have held within a year and 4% have held onto their tokens for less than a month.
Shiba Inu holders on rise
SHIB has now attracted a significant number of investors despite being down 86.39% from its all-time high. The blockchain data tracker WhaleStats gives the current Shiba Inu holder count as 1,218,178, implying SHIB has gained thousands of holders in recent weeks.
Apart from ordinary investors, a growing number of businesses, from fast food delivery companies to luxury fashion goods, are accepting Shiba Inu as payment. AMC theaters announced the acceptance of Shiba Inu as payment via BitPay in April.
At the time of publication, Shiba Inu was down 5.23% at $0.000012.The SHIB price turned down to trade beneath the daily MA 50 at $0.000012. The bears pulled SHIB to lows of $0.0000117, a level likely to attract buyers. The RSI is just below the midpoint, suggesting possible range trading before the next move.
However, predicting price moves remains speculative based on macroeconomic uncertainty. However, in the case of a further drop, SHIB might seek support at $0.000010 next.