Recent price declines in the cryptocurrency market have aroused widespread interest among investors. This movement in cryptocurrencies brought to mind the idea that the ongoing bull run signaled a pause. Shiba Inu (SHIB) fluctuating between $0.000023 and $0.000028 indicates that the market has entered the consolidation phase.
Meme coin is in line with the general market dynamics. In particular, the large decline from Shiba Inu’s recent high of $0.000045 triggered the consolidation process. This decline raised concerns for many investors that prices were overvalued or rising rapidly, and a correction began.
On the other hand, the number of Shiba Inu addresses with assets worth less than $1 million increased to 1,319 despite the price falling to $0.00002740. Here are the details…
Interesting Data of Shiba Inu Investors
According to data from IntoTheBlock (ITB), there is a significant decrease in the number of addresses holding SHIB between 1 million and 10 million dollars. Since June 2023, the number of these addresses has decreased from 1,115 to 1,110. This decrease occurred despite the increase in the value of SHIB, the number of addresses decreased despite the value of SHIB increasing by 246% during the period in question.
Also in June 2023, the amount of SHIB required for a wallet to reach a value of $1 million was quite high, around 126 billion. However, according to recent data, this amount has dropped significantly and we now see that an address holding just 36.49 billion SHIB can have a value of $1 million. Despite the price increase, the decline in these addresses is most likely due to investors reducing their balances due to profit-seeking transactions.
However, interestingly, there appears to be an increase in the number of addresses holding more than $10 million in SHIB. Since June 2023, the number of such addresses has increased, rising from 57 last June to 209 according to the latest data. This represents a 266% increase in less than a year. In total, these addresses hold $24.61 billion in SHIB, which represents a fairly large amount.
However, it is worth noting that ITB data provides a more holistic picture by taking into account dead addresses that include burned tokens.
Long-Term Investors Show Resistance
Other data reveals evidence that long-term SHIB investors are preserving their assets despite current market uncertainty. According to ITB data, the number of addresses holding Shiba Inu for more than a year is increasing. This may reflect SHIB’s potential and the confidence of long-term investors.
However, there seems to be a decrease in the number of short-term investors. According to ITB’s report, there has been a decrease in the number of investors keeping Shiba Inu between one month and 12 months. This may suggest that the number of investors moving away from short-term speculation and viewing SHIB as a long-term investment is increasing.
Currently, the price of SHIB is trading at $0.00002740, down 2% in the last 24 hours.
You can access current market movements here.
Source : the crypto basic