Shiba Inu Owners Are Increasing In Number As Token’s Price Is Approaching The Historic “Buying” Zone.

According to WhaleStats data, the number of SHIB holders is quietly increasing as the Shiba Inu community eagerly anticipates the next major item for the SHIB ecosystem.

Since the beginning of May, Shiba Inu has received nearly 7,000 new owners. The total number of SHIB holders is currently 1,146,486, according to WhaleStats. The figure was around 1,139,916 by the end of April. Although an increase in holders may not have an immediate influence on the price, it can indicate long-term interest in an asset and hence is a positive indicator.

Shiba Inu is currently trading at $0.0000164, down roughly 12% in the last 24 hours. SHIB fell to intraday lows of $0.00001664, marking the lowest point in 2022 so far.

Shiba Inu is currently dabbling in support beneath the $0.000017 level, as seen on its daily chart, where its price gained 100% in late January.

The daily RSI is still at historic oversold levels, implying a short-term relief rally and likely stabilization before the next major price move.

As the crypto market plummeted in late January, Shiba Inu plunged to as low as $0.000017. This was followed by a few days of sideways trading, or consolidation, until a positive increase began in February. Shiba Inu’s price suddenly skyrocketed, reaching a low of $0.0000354 on February 7.

Further price drops, on the other side, may target the $0.000012 level next.

Whales frequently take advantage of market drops to buy their favorite tokens at a discount during periods of market turbulence. “Bombur,” an ETH whale with 1 trillion SHIB, just purchased 56,946,679,217 SHIB for $1,070,028.

Shytoshi Kusama, the creator of Shiba Inu, promises a lot of exciting things for the SHIB ecosystem in the next weeks and months. Shiba Inu is now trading at $0.000088, down 81.28% from its all-time high of $0.000088 set in October 2021, and ranked 16th in terms of market capitalization.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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