Shiba Inu (SHIB) Price To Surge After Reaching This New Milestone?

Shiba Inu (SHIB) has been lately making headlines with its growing technical and fundamental developments. Recently, the ownership structure of Shiba Inu has reached a crucial turning point. This occurs as a result of the percentage of long-term SHIB owners having crossed the crucial 60% mark; which suggests that the majority of network holders are serious investors.

SHIB’s Holding Composition

According to the research conducted by the crypto analysis platform IntoTheBlock, long-term investors which make up the majority of Shiba Inu holders have held their SHIB tokens for at least a period of one year. According to the available data, SHIB has made extraordinary strides in this direction since the beginning of the year; the percentage of owners has increased from a meager 1% to a stunning 60% at that time.

Read More: XRP Price Flashes “Sell Signal” As SEC vs Ripple Verdict Comes Close

The data further reveals the holder composition where 60% of SHIB holders have maintained their tokens for more than a year, 36% have held them for less than a year, and 4% have held them for less than a month.

Massive Whale Activity

As a result of the unfavorable market conditions that have persisted since the beginning of 2022, massive whale accumulation has been observed in regard to the SHIB cryptocurrency.

According to data provided by WhaleStats, the utility of the Shiba Inu among whales has increased significantly in the previous twenty-four hours. The meme cryptocurrency has now entered the list of top 10 tokens purchased among the 2000 largest Ethereum whales in the market. Earlier, SHIB was also among the top smart contracts that got maximum engagement by the top 100 whales, as per the data.

Shiba Inu (SHIB) Price Rally?

In October of 2021, the price of SHIB skyrocketed to a new all-time high. However, due to the unfavorable macro climate and the instabilities in the domestic crypto market, the altcoin’s value dropped by more than 70%. The Shiba Inu community is looking forward to the next year for a relief rally for the SHIB’s price following the strong fundamental developments.

As things stand, the price of Shiba Inu (SHIB) is presently being traded at $0.000008029. This represents a decrease of 0.34% on the day, with a further decline of 3% during the week as per crypto market tracker CoinMarketCap.

Also Read: Popular Crypto Analyst Predicts Bitcoin (BTC) Bull Run In 2023