Shiba Inu Diamond Hands Hold Strong: A Potential $0.00009 ATH on the Horizon?
Despite recent underperformance, on-chain data reveals a surprising resilience within the Shiba Inu community. A significant percentage of SHIB holders are demonstrating unwavering commitment, refusing to sell their holdings. This steadfast resolve coincides with bullish predictions forecasting a potential surge towards a new all-time high (ATH) – a remarkable $0.00009.
Unwavering Holder Retention
Glassnode data paints a compelling picture. Shiba Inu’s holder retention rate currently sits at a robust 96%, steadily climbing over the past month. This signifies a notable lack of selling pressure and, in fact, suggests potential accumulation. More holders are accumulating despite the recent price action.
Accumulation Amidst the Downtrend
Santiment data corroborates this trend. The number of SHIB holders continues to increase, defying the current price downtrend. With over 1.53 million holders, the community’s belief in SHIB’s potential remains strong. The meme coin is currently attempting to hold above the crucial psychological support level of $0.000010.
Whale Activity and Exchange Flows
However, the narrative isn’t entirely rosy. Data reveals a contrasting trend among Shiba Inu whales (holders of 10 million or more coins). These significant players have been actively offloading their holdings, contributing to the higher exchange inflows compared to outflows. On September 5th, inflows totalled 73.73 billion SHIB, significantly exceeding outflows of 46.25 billion. This imbalance highlights a prevailing supply exceeding demand.
Bullish Predictions and Technical Analysis
Despite the complexities, the bullish sentiment persists. Crypto analyst Javon Marks, for instance, has predicted a potential SHIB price rally exceeding 500%, potentially pushing the price close to its previous ATH of $0.00008845. Marks points to a confirmed bullish pattern and a MACD Histogram divergence suggesting a significant bullish reversal. This could trigger a move above $0.00003, potentially leading to a more substantial 570% rally towards $0.000081.
Current Market Situation
At the time of writing, Shiba Inu trades around $0.00001230, showing a slight increase over the past 24 hours (data from CoinMarketCap).
Disclaimer: This information is for educational purposes only and should not be considered financial advice. Investing in cryptocurrencies involves inherent risks.