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Alt season to propel Shiba Inu price next, here’s what SHIB holders can expect

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FXStreet in Market News 12 289123
February 4, 2023 15:09

content provided with permission by FXStreet

  • Shiba Inu price has yielded 10% gains for holders since February 3 and broader crypto market downtrend after US Nonfarm Payrolls data release. 
  • The Dogecoin-killer’s long-term holders refuse to shed their SHIB holdings while short-term holders who held the token for 4 weeks or less are taking profits. 
  • Shiba Inu wallet addresses holding SHIB for one year or longer have climbed consistently over the past year, fueling a bullish narrative.

Shiba Inu, the second-largest meme coin in the crypto ecosystem, has witnessed a massive spike in its popularity among long-term holders. SHIB price bucked the market-wide downtrend and yielded 12% gains for holders since January 21. 

Also read: Assessing the possibility of Bitcoin price crash to $20,000 after US NFP rises to 517,000

Shiba Inu yields double-digit gains for holders

Shiba Inu, the largest meme coin competitor of Dogecoin has witnessed a massive spike in the volume of SHIB held by wallet addresses for over a year. As seen in the chart below, the number of wallet addresses holding SHIB for over a year has climbed consistently over the past year. Cruisers, or the category of holders holding SHIB for less than 12 months decreased. 

As the Shiba Inu community awaits the launch of layer-2 scaling solution Shibarium, the accumulation of SHIB by long-term holders has picked up pace. 

Shiba Inc addresses by time held

Shiba Inu addresses by time held

Shiba Inu was one of Friday’s biggest gainers, the Dogecoin-killer is trading close to its three-month high. Despite a decline in the global crypto market SHIB bucked the market-wide downtrend. 

What to expect from Shiba Inu?

The Shiba-Inu-themed cryptocurrency continues to enjoy high correlation with Bitcoin. According to data from crypto intelligence tracker CoinGecko, SHIB is currently 0.97 correlated with Bitcoin. The meme coin’s correlation with BTC could negatively influence the meme coin’s uptrend unless bulls push the meme coin higher. 

After a massive retracement in Bitcoin in a knee-jerk reaction by crypto traders, BTC is back to the $23,300 level. Shiba Inu is likely to sustain its uptrend if Bitcoin stays above the key psychological level of $23,000.