Will the Shiba Inu (SHIB) price rally in 2023 now that the cryptocurrency has reached a new milestone?
Shiba Inu (SHIB) has recently gained attention for its expanding technical and theoretical developments. Shiba Inu’s ownership structure recently made a significant turning point. This happens because the proportion of long-term SHIB owners has surpassed the critical 60% level, indicating that the majority of network holders are serious investors.
SHIB’s Holding Composition
According to IntoTheBlock’s research, long-term investors, who make up the majority of Shiba Inu holders, have held their SHIB tokens for at least a year. According to available data, SHIB has made tremendous strides in this direction since the beginning of the year, with the percentage of owners increasing from a meager 1% to a stunning 60% at that time.
The data also reveals the holder composition, with 60% of SHIB holders holding their tokens for more than a year, 36% holding them for less than a year, and 4% holding them for less than a month.
Massive Whale Activity
Massive whale accumulation has been observed in relation to the SHIB cryptocurrency as a result of the unfavorable market conditions that have persisted since the beginning of 2022.
The utility of the Shiba Inu among whales has significantly increased over the last twenty-four hours, according to data from WhaleStats. The top 10 tokens purchased by the 2000 largest Ethereum whales in the market now include the meme cryptocurrency. Prior to this, according to the data, SHIB was also among the top smart contracts that received the most interaction from the top 100 whales.
Shiba Inu (SHIB) Price Rally?
The price of SHIB reached an all-time high in October 2021. However, due to the unfavorable macroeconomic environment and instabilities in the domestic crypto market, the altcoin’s value fell by more than 70%. Following the strong fundamental developments, the Shiba Inu community anticipates a relief rally for the SHIB’s price in the coming year.
As of right now, the price of Shiba Inu (SHIB) is $0.000008029. According to crypto market tracker CoinMarketCap, this represents a 0.34% decrease on the day, with a further 3% decrease over the week.
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