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SHIB Back on Investors' Radar, As This Metric Signals

Tue, 12/13/2022 - 11:54
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Gamza Khanzadaev
Shiba Inu is in demand again, as number of token holders signals
SHIB Back on Investors' Radar, As This Metric Signals
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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SHIB seems to be starting to be in demand by investors again, as evidenced by the number of crypto asset holders presented by Etherscan. Since the beginning of December, when U.Today reported an unexpected dramatic drop in the number of SHIB holders, their number has increased by 8,694 addresses, or 0.7% in relative terms. At the moment, the number of Shiba Inu token holders stands at 1.26 million addresses.

If we compare the change in the number of SHIB holders and the price action of the token, we can assume that the 2.3% drop in the number of addresses from the last week of November to the beginning of December was due to profit taking. At that time, the SHIB price rebounded from the local bottom at $0.0000082 and hit the resistance level at $0.0000095, where the outflow of holders stopped.

Source: TradingView

Further, as SHIB quotes fell back to the lower end of the indicated price range, the number of token holders began to rise again.

SHIB Grew at Double-Digit Rate Against DOGE Last Week, Here's What's Behind It

What does this mean for Shiba Inu (SHIB)?

Overall, there are two conclusions. The first is that SHIB investors now prefer to act cautiously and are not staying in their positions for long. The second is that, judging by the price action of the Shiba Inu token, there is a new range of price movement, which is also the bottom for now.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.