Shiba Inu (SHIB) holders are switching sides as the upcoming price pattern appears on the weekly chart. Meanwhile, Shiba Inu’s major transactions were up 162%. Also, Shiba Inu was among the 10 altcoins bought by the largest 5,000 ETH whales.
“Dynamics of the composition of SHIB holders change over time”
The Shiba Inu has seen the addition of new holders in recent weeks. However, the dynamics of the composition of holders change over time. This comes as the Shiba Inu registers more ‘hodlers’, which are addresses that have held the asset for over a year, according to IntoTheBlock. On the contrary, intermediate holders or so-called swing traders have slightly decreased. Also, short-term audiences have remained largely stable.
According to IntoTheBlock’s data on the composition of holders by time held, 27% of SHIB holders have held their tokens for more than one year, 69% within a year, and 4% for less than a month. Just a week ago, he reported the percentage of long-term holders of Shiba Inu as 26%. The rate of interim holders was 70%. At that time, only 4% held their tokens for less than a month.
The numbers have shifted in favor of long-term holders outnumbering short-term viewers. According to experts, this means a shift in investor focus from a short-term perspective to a long-term perspective.
SHIB prepares to close its third consecutive week of positive
The Shiba Inu will celebrate 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. At press time, SHIB is trading marginally at $0.00000121. Crypto analyst Tomiwabold Olajide provides the following technical analysis:
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.
Flock to Shiba Inu with these altcoins
The number of large transactions is a useful metric for tracking the number of transactions over $100,000. On-chain average retail traders don’t have that much money. So, the indicator acts as a watch for the number of whales and institutional players’ transactions.
According to data from IntoTheBlock, Shiba Inu’s large transactions were up 162%. This indicates potentially high uptake by whales in the last 24 hours. According to WhaleStats data, SHIB was among the 10 tokens purchased by the 5,000 largest ETH whales. Apart from Ethereum, stablecoins have taken the first place. The others are wETH, MATIC, PAXG, BAL and GALA, respectively.
https://twitter.com/WhaleStats/status/1555797850457505792
WhaleStats analyzes the top 100 Shiba Inu holders. This shows that the average SHIB balance and value increased by 26.73% and 28.29% respectively for category holders. It also reveals that 24-hour trading volumes increased by 921% for this address category.
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