Investor movements seem to be changing for the second largest meme coin, Shiba Inu (SHIB). Meanwhile, new data came for ShibaSwap, which has an important place in SHIB’s ecosystem. Here are the details…
Shiba Inu investors switch sides
The Shiba Inu has seen new owners enter the ecosystem in recent weeks. However, the dynamics of investors change from time to time. Addresses that have held the asset for over a year are on the rise, according to IntoTheBlock. On the contrary, intermediate holders and short-term traders decreased slightly. Short-term audiences have remained largely stable. Last week, the percentage of long-term owners of Shiba Inu was reported as 26 percent.
The rate of interim holders was 70 percent. At that time, only 4 percent were those who held their tokens for less than a month. A “switching side” of long-term holders outnumbering short-term traders could mean a shift in investor focus from a short-term view to a long-term one.
Will we see the third consecutive positive week?
Meanwhile, the Shiba Inu is set to mark its third consecutive week of positives since mid-July. Overall, the Shiba Inu has recorded five positive weeks, out of seven weeks since late June when prices fell. The Shiba Inu is currently trading in a triangle with support near $0.0000071 on the weekly chart. The triangle pattern is a consolidation pattern that occurs in the middle of the trend and typically results in a breakout.
On the other hand, according to IntoTheBlock data, Shiba Inu’s major transactions are up 162 percent, showing potentially high volumes being bought by major players in the last 24 hours. According to WhaleStats data, the Shiba Inu was among the 10 most purchased tokens by the top 5,000 ETH whales. WhaleStats analysis of the top 100 Shiba Inu owners showed that the average SHIB balance and value increased by 26.73% and 28.29%, respectively, for these category holders. It shows that 24-hour transaction volumes increased by 921 percent for this address category.
ShibaSwap became one of the safest platforms
On the other hand, ShibaSwap has come a long way since its launch in July 2021. DEX facilitates token swap and staking along with other features like liquidity pools and governance. In doing so, it competed with other decentralized exchanges such as Uniswap. According to blockchain security ranking platform CertiK, ShibaSwap’s security score is currently at 95/100. This shows that the services of the DeFi protocol are secure.
The CEO of Generation Crypto Media has shared the list of top 10 Ethereum-based projects social signals. ShibaSwap topped the list with a signal score of 909k. The largest NFT market, OpenSea, took second place with 770 thousand points. The best NFT collection Bored Ape Yacht Club took third place. It reflected 301 thousand signal points. Other projects such as Axie Infinity, The Sandbox, and HEX ranked much lower.
According to data from CoinGecko, the trading volume of Shiba Inu’s native DEX has been on the rise recently. In fact, data from dapp.com revealed that ShibaSwap’s trade count numbers were also improved. The datasets highlighted above together illuminate the true growth of Shiba Inu’s native DEX.
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