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SHIB Sets New Record in This Metric, Price Weighs Next Move

Thu, 11/17/2022 - 13:18
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Tomiwabold Olajide
SHIB large holders seem to be making move on markets in last 24 hours
SHIB Sets New Record in This Metric, Price Weighs Next Move
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Shiba Inu continues to set new highs in its holder count, which is presently at 1,271,666, according to WhaleStats data. Out of this number, a whopping 51% are "hodlers," or long-term holders.

SHIB has set a new record in this metric, with the percentage of those that have held onto their assets for more than a year now outnumbering short- and midterm speculators.

According to IntoTheBlock's data on holder composition by time held, 51% of SHIB holders have "hodled" their tokens for more than a year, 43% have held within a year and 6% have held onto their tokens for less than a month.

Although the number of holders may not have an immediate impact on price, it does represent long-term interest in an asset.

SHIB price weighs next move

After recovering from lows of $0.00000854 on Nov. 14, SHIB sustained its rebound to reach highs of $0.0000096 on Nov. 16, when bulls ran out of steam.

At the time of publication, SHIB was changing hands at $0.000009067, down 1.67% in the last 24 hours. SHIB's daily RSI has flattened slightly below the neutral mark of 50, suggesting the possibility of range trading before the next move.

Shiba Inu Price Drops 24% Within a Week as Death Cross Forms

SHIB large holders seem to be making a move on the markets as, in the last 24 hours, large transactions were slightly up by 16%. According to IntoTheBlock, large transaction surges are typically linked to increased activity from whales, who are either buying or selling, and a transaction is generally more than $100,000. If large holders sustain their activity in the days ahead, SHIB might see another major move.

On the upside, bulls must clear the $0.00001071 and $0.00001168 levels to continue trending higher. On the other hand, a fall in the markets might see SHIB targeting the $0.000085 support ahead of the $0.0000082 mark.

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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.