While Shiba Inu’s price is going down, its fundamental background seems to grow further
According to IntoTheBlock data, Shiba Inu continues to grow fundamentally as the price drops more than 5% from the local high of 0.000054.
While market data suggests that Shiba may have failed the trend reversal and is going to retrace, fundamental and on-chain data show that the number of long-term investors is growing, network activity is on the rise and short-term speculators are leaving the market.
Composition of incumbents by time
A large number of medium to long term holders have always been viewed as a positive sign for an asset, as such conditions suggest that market volatility is decreasing due to the lack of speculative trading volume on trading pairs. ‘active.
For Shiba Inu, the number of mid-term holders has increased drastically in the last week, with the number of holders holding tokens for more than one month increasing from 60% to 77% in less than a month.
The number of short-term holders also fell after the 50% correction Shiba Inu suffered just after hitting its most recent all-time high of $ 0.00008828.
Large transaction number
With the increasing number of mid-term holders, the Shiba network also faces a strong increase in the number of transactions greater than $100,000. Since Nov. 27, Shiba has gained more than 400 large transactions.
Large transactions usually reflect the total number of whales in the market. This is also confirmed by the Concentration by large holders indicator which has increased by 8% previously. U.Today earlier reported that Ethereum’s whales now hold more tokens than they did a few weeks ago, while SHIB continuously shrinks.
