As a seasoned crypto investor with years of market rollercoasters under my belt, I find myself both concerned and intrigued by the recent developments surrounding Shiba Inu. The plunge in small wallet holdings is reminiscent of the 2018 crypto winter, a time when the fear was palpable and the market seemed unforgiving.
The well-known meme token associated with dogs, Shiba Inu, has experienced a setback due to a substantial drop in smaller wallet holdings amidst a broader market instability. This turmoil has caused increased anxiety among crypto investors.
Shiba Inu Small Holders Abandoning The Digital Asset?
According to a recent report by Santiment, a prominent market analysis tool, there’s been a significant drop in the number of Shiba Inu (SHIB) wallets holding small amounts of this cryptocurrency. This decrease over nearly two years suggests a possible shift in sentiment among individual investors, potentially hinting at changing attitudes.
To put it simply, when we talk about ‘small’ Shiba Inu (SHIB) holdings, we usually mean wallets that contain less than one billion coins. As Santiment pointed out, such low numbers were last seen in November 2022. This decrease in smaller-sized wallets seems to mirror the market instability we’ve been experiencing recently. This trend might make some question the future distribution of SHIB tokens.
Despite smaller Shiba Inu wallets showing a significant decrease in comparison to Dogecoin, the leading meme coin, it’s important to note that the platform has emphasized a sense of relief among its retail traders. This decline may suggest a high level of fear, uncertainty, and doubt (FUD) circulating within the network, with large wallets holding over 1 billion SHIB controlling the dominant share.
Santiment noted that since late July, there’s been minimal conversation around Shiba Inu, suggesting a decreased level of discourse which has persisted throughout the year. Given the swift exit of smaller retail investors from this asset, the reduction in social engagement could indicate their growing discontent and waning interest in SHIB.
In summary, Santiment identified SHIB as the Dogecoin with the poorest performance in 2024, primarily due to a significant decrease in both short-term and long-term trading profits. The platform reports that long-term returns have dropped by an impressive -31.7%, and the 30-day average trading returns have dipped only by -1.1%. However, when Bitcoin, the leading cryptocurrency, recovers stability and altcoins start to gain traction again, this trend could potentially set SHIB up for significant growth in the coming months.
SHIB Gearing Up For A Major Rally In 2025
Regardless of the unfavorable occurrences involving Shiba Inu, numerous cryptocurrency experts view this meme coin with considerable optimism for both the immediate future and long-term prospects. As such, they consider Shiba Inu as a promising investment in the dynamic realm of virtual currencies.
2025 could see a significant rise in the price of Shiba Inu (SHIB), according to Investing Haven’s crypto predictions, due to a promising trend indicated on its chart. At the moment, SHIB is probing a significant support point at 0.0000111 cents.
Based on the analyst’s assessment, Shiba Inu might be showing signs of a potential reversal pattern (W-reversal) on its weekly chart. Since SHIB is maintaining its strength at this particular level, it could lead to a bullish turnaround in the long run. Therefore, he predicts that the surge will occur around mid-2025, so investors should keep an eye on this timeframe.
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2024-09-12 05:11