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Shiba Inu (SHIB) Gains 84% in Short-Term Traders as Price Shift Nears

Wed, 07/05/2023 - 12:30
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Tomiwabold Olajide
Short-term traders surge 84% for Shiba Inu
Shiba Inu (SHIB) Gains 84% in Short-Term Traders as Price Shift Nears
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Shiba Inu (SHIB) is gaining popularity with short-term traders, with an 84% increase in the last 30 days, according to IntoTheBlock data.

IntoTheBlock collects addresses based on how long they have held a given crypto asset. These addresses are divided as follows: "Hodlers" are long-term investors, "Cruisers" are mid-term or so-called swing traders; and "Traders" are short-term speculators.

Based on these categories, hodlers account for 69% of all Shiba Inu addresses, cruisers or midterm traders account for 27% and traders account for 4%.

To further define the situation, hodlers are addresses that have held SHIB for over a year, cruisers are addresses that have held for one to twelve months and traders are addresses that have held for less than one month.

14 Trillion Shiba Inu Obstacle Limits Major SHIB Price Movement

Additional new use cases offered by innovations such as ShibaSwap, Shibarium, Shiba Eternity and the like may have played a vital role in the continual growth of hodlers, as these long-term addresses may have wanted to keep their holdings to benefit from these innovations.

SHIB price shift imminent

The volatility indicator from IntoTheBlock measures price fluctuations for a certain crypto asset. The current volatility of Shiba Inu is 70.24%. July 1 saw the highest volatility in the last 30 days, at 75.72%.

Shiba Inu 30-Day Volatility, Courtesy: IntoTheBlock

High volatility generally means large price fluctuations (either up or down). Low volatility, on the other hand, indicates price stagnation.

Large jumps in volatility usually indicate a trend reversal. Thus, periods of extremely high volatility may be an indicator of the price potentially reverting its direction to the mean. Meanwhile, low volatility tends to indicate an impending significant breakout in either direction.

At the time of writing, SHIB was down 2.52% in the last 24 hours to $0.0000075.

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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.