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Shiba Inu small wallet holdings hit lowest level in 2 years

Shiba Inu small wallet holdings hit lowest level in 2 years

GrafaGrafa2024/09/12 03:55
By:Mahathir Bayena

The number of small Shiba Inu (CRYPTO:SHIB) wallets has fallen to its lowest level in nearly two years, reflecting a possible shift in sentiment among retail investors. 

According to a recent report from market intelligence platform Santiment, wallets holding less than 1 billion SHIB have significantly decreased, marking a low not seen since November 2022. 

This decline suggests growing uncertainty among investors amid volatile market conditions.

While Shiba Inu’s small holders appear to be exiting, the platform highlighted a different trend among larger holders. 

Wallets containing 1 billion SHIB or more continue to control a large portion of the supply. 

This consolidation suggests that, despite the broader market's fear, larger investors are holding their positions. 

However, Santiment noted that the drop in small wallets could indicate potential concerns over SHIB's distribution going forward.

Adding to this trend, there has been a noticeable decline in social interactions about Shiba Inu since late July. 

Santiment attributes this to the reduced activity of smaller retail traders, indicating their dissatisfaction and waning interest in SHIB. 

The report also identified Shiba Inu as one of the worst-performing assets in 2024, with long-term trading returns dropping by -31.7%, and 30-day average returns falling by -1.1%.

Despite the negative sentiment, some crypto analysts remain optimistic about SHIB's potential. 

They believe that if Bitcoin (CRYPTO:BTC) stabilises and the market sees a resurgence in altcoin performance, Shiba Inu could be well-positioned for growth in the coming months. 

A notable prediction from Investing Haven suggests a bullish rally for SHIB in 2025. 

The analyst notes that SHIB is currently testing a major support level at $0.0000111 and hints at a possible W-reversal pattern on its weekly chart, which could trigger a significant upward movement by mid-2025.

At the time of reporting, the Shiba Inu (SHIB) price was $0.00001342.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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