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Shiba Inu Holders Increase in Number, Price Nears Historic "Buying" Zone

Mon, 05/09/2022 - 11:49
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Tomiwabold Olajide
Shiba Inu has gained nearly 7,000 holders since start of May
Shiba Inu Holders Increase in Number, Price Nears Historic "Buying" Zone
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As the Shiba Inu community eagerly awaits the next big item for the SHIB ecosystem, the SHIB holder count is quietly climbing, according to WhaleStats data.

Shiba Inu has gained nearly 7,000 holders since the start of May. According to WhaleStats, the total number of SHIB holders is currently 1,146,486. At the close of April, the count stood at around 1,139,916. Although an increase in holders may not have an immediate impact on the price, it may signify interest in an asset over time and, therefore, remains a positive sign.

Shiba Inu's price is currently trading at $0.0000164, representing a nearly 12% decrease in the last 24 hours. SHIB dipped to intraday lows of $0.00001664, thus marking the lowest levels so far in 2022.

SHIB/USD Daily Chart, Courtesy: TradingView

As seen on its daily chart, Shiba Inu is currently dabbling support beneath the $0.000017 level, from where its price rose 100% in late January. The daily RSI remains at historic oversold levels, suggesting the possibility of a near-term relief rally and likely consolidation before the next major price move.

In late January, Shiba Inu fell to as low as $0.000017 as the crypto market dipped. This was followed by sideways trading, or consolidation, for a few days before a positive climb kickstarted in February. Shiba Inu's price then rose more than 100% to attain highs of $0.0000354 on Feb. 7.

On the other hand, further price dips may target the $0.000012 level next.

Whale takes advantage of dip to buy 56 billion tokens

During periods of market volatility, whales typically take advantage of market dips to buy their favorite tokens at a discount. ETH whale "Bombur," who now owns 1 trillion SHIB, recently bought 56,946,679,217 SHIB or $1,070,028.

As previously reported by U.Today, Shiba Inu developer Shytoshi Kusama teases lots of exciting developments for the SHIB ecosystem in the coming week and months. At current prices, Shiba Inu remains down 81.28% from its all-time highs of $0.000088 attained in October 2021 and ranks 16th largest cryptocurrency in terms of market value.

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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.