Shiba Inu, the popular meme coin, has experienced an 8.4% decline in value over the past month. Despite this downward trend, long-term holders of Shiba Inu remain optimistic about the future of the cryptocurrency. Recent data shows that hodlers’ balances and addresses have reached all-time highs, indicating a strong presence of long-term investors in the market.
According to IntoTheBlock data, hodlers’ balances of Shiba Inu have reached 787.6 trillion SHIB out of a total of 984.7 trillion SHIB held. Additionally, the number of hodlers’ addresses has also hit a record high of 1.11 million. This surge in long-term holder activity reflects a high level of optimism and confidence in the market.
The increase in hodlers’ balances and addresses suggests that while short-term holders may be selling off their positions, long-term shareholders are holding on and expecting the price to recover and make gains. This confidence in the market is reflected in Shiba Inu’s aggregated funding rate, which has remained positive over the past two days, indicating a bullish sentiment among investors.
Despite the recent decline in price, Shiba Inu is showing signs of recovery in demand. The spot netflow has turned negative, with exchange outflows outweighing inflows, signaling a strong bullish sentiment as buyers return to accumulate the asset. Positive order imbalance and delta metrics also indicate that the market is experiencing more executed buy orders than sell orders, further supporting the bullish trend.
Historically, increased demand has preceded price recovery and growth. If the bullish sentiments among long-term holders and retailers continue, Shiba Inu could see a price recovery and potentially reclaim $0.000013. A move above this level could strengthen the meme coin and lead to a breakout of the descending triangle. Conversely, if the bullish move fails, the price could dip to $0.000011.
In conclusion, despite recent losses, the optimism among long-term holders of Shiba Inu and the positive market sentiment suggest a potential price recovery for the meme coin. With strong demand, increasing hodlers’ balances, and record-high addresses, Shiba Inu appears to be on track for a potential rebound in value. Investors and hodlers remain hopeful for a price recovery and further gains in the near future.
