The year 2021 has undoubtedly been the year of the Shiba Inu. So much so that the famous meme coin has brought millions of dollars to its investor since its initial listings and changed the lives of many people.
The crypto-asset remains the most popular asset among whales as well, with over 1.1 million holders currently.
As 2021 comes to a close, Shiba Inu is the most popular holding among the 1,000 largest Ethereum addresses. Even though the holding value of the asset has previously dropped below $1.8 billion, there is a positive sentiment in the market hours before the New Year celebrations.
Other markets and on-chain Shiba Inu metrics have also entered the green zone, revealing growth in net flow, average balance in whale tier wallets, and average value of SHIB holdings. The growth of the respective metrics is due to the 2% price increase for the Shiba Inu today and the absence of any selling pressure.
However, the famous dog-themed coin, which suffered from the general decline in the market, is still trading at 1/3 of its all-time high at its current price, in other words, it is about 65% lower than its highest value, but it still finds buyers for the Shiba Inu. there is hope.
On the other hand, considering the price of the Shiba Inu and the measurements on the chain, we see that 78% of all SHIB owners can be considered big heads. 87% of token holders have held their tokens for 1 to 12 months. So it’s possible to speculate that the selling we’re seeing right now is just a seasonal trade issue and that the bulls will likely re-emerge in early 2022 and when prices drop further.
Is a New Ascension Wave Possible?
Considering the Shiba Inu approaching an important resistance line at $0.00003902, we can predict that it is preparing for a big rally.
If Shiba can find a solid support area at this level, it could record a climb of over 40%. This could mean that the $0.00005435 level on November 30 could be retested.