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Shiba Inu Faces 5% Correction After Spiking by 40%, But Fundamental Growth Is Still Going Strong

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Wed, 1/12/2021 - 12:05
Shiba Inu Faces 5% Correction After Spiking by 40%, But Fundamental Growth Is Still Going Strong
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According to data from IntoTheBlock, Shiba Inu still continuing to grow fundamentally while the price drops by more than 5% from the local top of 0.000054.

While market data suggests that Shiba may have failed the trend reversal and is going to retrace, fundamental and on-chain data show that the number of long-term investors is growing, network activity is on the rise and short-term speculators are leaving the market.

Holder composition by time

A large number of mid- or long-term holders have always been considered a positive sign for an asset since such conditions suggest that market volatility goes down due to the absence of speculative trading volume on an asset's trading pairs.

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For Shiba Inu, the number of mid-term holders has increased drastically in the last week, with the number of holders holding tokens for more than one month increasing from 60% to 77% in less than a month.

The number of short-term holders has also decreased after the 50% correction that Shiba Inu went through right after reaching its most recent all-time high of $0.00008828.

Large transaction number

With the increasing number of mid-term holders, the Shiba network also faces a strong increase in the number of transactions greater than $100,000. Since Nov. 27, Shiba has gained more than 400 large transactions.

IntoTheBlock Data
Source: IntoTheBlock

Large transactions usually reflect the overall number of whales on the market. This is also confirmed by the Concentration by Large Holders indicator that grew by 8% previously. U.Today reported earlier that Ethereum whales now hold more tokens than a few weeks ago, while SHIB was continuously going down.

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