On-chain data shows that Shiba Inu diamond hands are holding on to their coins despite the meme coin’s underperformance in recent times. This comes as SHIB bulls eye a new all-time high (ATH), with the meme coin potentially reaching $0.00009.
Shiba Inu Holders Are Refusing To Sell Despite SHIB’s Underperformance
Glassnode data shows that Shiba Inu’s holder retention rate is currently at 96%, having been on an uptrend over the last thirty days. The metric tracks the percentage of addresses that have held SHIB over the past 30 days. An uptick indicates that holders aren’t selling but instead even accumulating more coins.
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Furthermore, Santiment data confirms that investors are still accumulating Shiba Inu, despite SHIB’s underperformance. Notably, the number of holders have continued to rise amid the price downtrend, and there are now 1.53 million SHIB holders. This comes as the meme coin looks to hold above the psychological $0.000010 price level.
However, a negative for SHIB is the downtrend in the holdings of Shiba Inu whales. Santiment data shows these whales have continued to offload their coins amid the meme coin’s underperformance. These whales refer to those holding 10 million coins and above. Notably, they account for over 98% of the meme coin’s total supply.
This also explains why there have been more exchange inflows than outflows, highlighting the fact that there is currently more supply than demand. On September 5, the exchange inflows were 73.73 billion SHIB while the outflows were 46.25 billion coins. Meanwhile, supply on exchanges remains sideways, with whales choosing to offload their coins and stay on the sidelines rather than actively buying the dip.
SHIB Bulls Eye New ATH
Shiba Inu bulls are eyeing a new all-time high for the meme coin despite its underperformance this year. Crypto analyst Javon Marks has also fuelled the bullish outlook for the SHIB price, predicting that it could record a rally of over 500%, which would bring it close to its current ATH of $0.00008845.
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In an X post, Marks said that Shiba Inu has confirmed a bullish pattern in a regular bull divergence with the MACD Histogram. He explained that this suggests that the SHIB price is about to record a major bullish reversal to the upside, which can include a move of over 163% back into the $0.00003 range.
The crypto analyst further remarked that this move may only be the start. He stated that the 163% move could be part of an over 570% run to the $0.000081 breakout target if the Shiba Inu price continues to hold well broken out of an older structure.
At the time of writing, the Shiba Inu price is trading at around $0.00001230, up in the last 24 hours, according to data from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com
