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Shiba Inu Owners Switch Sides as Impending Price Pattern Appears on Weekly Chart

Sat, 08/06/2022 - 13:59
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Tomiwabold Olajide
Shiba Inu holders readjusting as potential price signal appears on weekly chart
Shiba Inu Owners Switch Sides as Impending Price Pattern Appears on Weekly Chart
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Shiba Inu has seen the addition of new owners in recent weeks, but the dynamics of its holders' composition by time held is changing. This comes as Shiba Inu is recording more "hodlers" which, according to IntoTheBlock, are the addresses that have held the asset for over one year. On the contrary, midterm holders, or so-called swing traders, have slightly decreased, while short-term spectators have largely remained constant.

According to IntoTheBlock's data on holders' composition by time held, 27% of SHIB holders have held onto their tokens for more than a year, 69% have held within a year, and 4% have held onto their tokens for less than a month.

Barely a week ago, U.Today reported the percentage of Shiba Inu's long-term holders as 26%, while that of midterm holders was then 70%, and only 4% held onto their tokens for less than a month at the time.

The "switching of sides" as to long-term holders outnumbering short-term spectators might imply a shift in investor focus from a short-term view to a long-term one.

Shiba Inu set to close its third consecutive positive week

Shiba Inu is set to mark its third consecutive positive week since mid-July. Overall, Shiba Inu has recorded five positive weeks out of seven since late June, when prices collapsed. Shiba Inu is currently trading in a triangle pattern with support near $0.0000071 on its weekly chart. A triangle pattern is a consolidation pattern that occurs in midtrend, which typically results in a breakout.

At the time of publication, SHIB was trading marginally up at $0.0000121.

Influx into Shiba Inu

The number of large transactions is a useful metric for tracking the count of transactions greater than $100,000. Since this sum of money is not available to the average retail trader on-chain, the indicator acts as a proxy for the number of whales' and institutional players' transactions.

According to IntoTheBlock data, Shiba Inu's large transactions rose by 162%, indicating that a high amount of volume was potentially bought by large players within the last 24 hours. Per WhaleStats data, Shiba Inu was ranked among the top 10 most purchased tokens by the 5,000 biggest ETH whales.

WhaleStats analysis of the top 100 Shiba Inu holders indicates that the average SHIB balance and value of this category of holders have increased by 26.73% and 28.29%, respectively, while 24-hour trading volumes rose by 921% for this category of addresses.

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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.