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.
