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Shiba Inu Sees A Shift: Short Term Holders Take Possession Of 23 Trillion SHIB
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Shiba Inu Sees A Shift: Short Term Holders Take Possession Of 23 Trillion SHIB

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Shiba Inu

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Current market dynamics have seen Shiba Inu (SHIB) shedding off a lot of its gains earlier in the month. SHIB kickstarted a price surge on February 29th at $0.00001178 to reach $0.00004456 for the first time since December 2021, representing a surge of over 278% in the space of three days. 

However, it seems investors are now pulling away from the meme cryptocurrency, and the bull frantic earlier in the month seems to be disappearing. Interestingly, on-chain data indicates that a chunk of over 23 trillion SHIB has moved from the hands of long-term holders into the wallets of short-term holders in the past four days. This cohort of addresses is known to hold their SHIB tokens for quick returns instead of holding them long-term.

Shiba Inu Price Downtrend Expected to Extend Beyond 45%

SHIB has been on a general downtrend since March 5 with the formation of lower highs in cases of brief uptrends. Notably, the crypto has dropped by 46% since attaining this two-year high. At the time of writing, SHIB is trading at $0.000024, down by 4.79% and 27% in the past 24 hours and seven days, respectively.

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According to data from IntoTheBlock, Short-term Shiba Inu owners have now increased their possession by 23 trillion SHIB in the past four days, signaling lower prices ahead. According to ITB’s “Balance by Time Held” metric, the balance held by traders holding for less than a month has increased by 385% in the last 30 days. At the same time, long-term holders (more than a year) and cruisers (holding for one to 12 months) have reduced their balance by 9.27% and 11.30%, respectively. 

Shiba InuThis interesting movement demonstrates the current dynamic among the various cohorts of SHIB traders. The decrease in long-term holder balance indicates they might be taking profit after holding for so long. At the same time, so much of the supply is moving into the hands of short-term traders seeking quick profits, making SHIB vulnerable to continued selloffs.

Technical Analysis: What’s Next For SHIB’s Price?

The overall technical indicators for SHIB point to short-term correction unless there is a change in bullish sentiment. The meme token has now broken below support at the $0.000026 price level and is now moving towards $0.000023, a level that has acted as a major resistance earlier in the month.

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On the other hand, several fundamental factors point to a potential price recovery and continued growth for the meme coin. Despite its recent correction, the price of SHIB is still up by 144% in the past 30 days, which shows the uptrend can resume anytime soon. 

Shiba Inu price chart from Tradingview.com

SHIB price rallies to $0.000026 | Source: SHIBUSDT on Tradingview.com
Featured image from The Market Periodical, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

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