thecryptobasic.com
Leading crypto intelligence platform IntoTheBlock provides an insight into the widespread accumulation of Shiba Inu ($SHIB) over the past month.
According to data shared by IntoTheBlock’s pseudonymous content creator “Slim Daddy,” short-term investors boosted their Shiba Inu holdings by adding 64 trillion $SHIB tokens in the past 30 days.
In the past 30 days, short-term Shiba Inu owners have increased their holdings by a staggering 64 trillion $SHIB.
According to insights from @intotheblock utilizing the Balance by Time Held metric, Shiba Inu traders with holdings spanning less than a month have seen a… pic.twitter.com/LGtwHkRo6T
— Slim Daddy◻️𓃵 ₿ (@felixreads) March 22, 2024
With a unit of Shiba Inu changing hands at $0.00002714, the 64 trillion $SHIB tokens were valued at $1.73 billion at press time.
$SHIB Price Plunge as Short-Term Traders Sell
The short-term investors referred to in the tweet include addresses that have held Shiba Inu for less than a month.
According to IntoTheBlock, these addresses have skyrocketed by 278% in the past 30 days. The tremendous spike in addresses within this category reflects a growing interest among short-term traders in making quick gains through Shiba Inu.
Recall that Shiba Inu’s price spiked tremendously earlier this month. Notably, $SHIB’s price surged to around $0.000045 on March 5, prompting many short-term investors to sell their tokens for a profit.
The massive sell-off caused $SHIB’s price to plummet to $0.00002400, representing a decline of 46.67% from its peak price on March 5.
Long-Term Holders Reduce Exposure to Shiba Inu
While short-term investors boosted their $SHIB holdings by 278% within a month, the same cannot be said for long-term holders. These investors involve addresses holding Shiba Inu tokens for over a year.
Per Slim Daddy, these long-term investors reduced their Shiba Inu holdings by 9.07% over the past 30 days. The move suggests that some long-term investors took profit when the price of Shiba Inu spiked to around $0.000045.
Team Sees $SHIB Reaching New $ATH Before Bitcoin Halving
At the time of writing, $SHIB was changing hands at $0.00002717, up 187% over the past month. However, the canine-themed token has witnessed a price decline of 22.8% in two weeks and 7% in the past seven days.
Although $SHIB has lost most of its recent gains, Shiba Inu’s marketing lead, Lucie, expects the token to surpass its all-time high ($ATH) before the next Bitcoin Halving, which is slated to occur by April 20, 2024.
Recall that Shiba Inu’s $ATH of $0.00008845 was set on October 28, 2021. For Lucie’s expectation to come true, Shiba Inu must rally at least 225% from its current price within the next 28 days.