- The supply held by non-exchange addresses outweighed those held by top exchange wallets.
- If capital flow increases, SHIB might climb to $0.00002.
Top non-exchange Shiba Inu [SHIB] addresses have been accumulating a ton of the cryptocurrency for the last two months, AMBCrypto discovered.
Using Santiment’s on-chain data, we found that the supply held by the addresses was 493.42 trillion on the 14th of December.
At press time, our analysis of the metric showed that it had risen to 497.11 trillion. The jump in supply here suggested that these top whales were unbothered about SHIB’s short-term price action.
Instead, their focus seemed to be on what the token could offer in the long term. It is also safe to say that this cohort is convinced that SHIB has great potential in the long run.
HODLers say “NO” to selling
When compared with the top exchange Shiba Inu addresses, the opposite was the case. As of this writing, the supply held exchange addresses had fallen to 173.4 trillion.
The decrease in exchange supply inferred that most holders of the token had liquidated their positions at press time.
If this position stays the same for some time, SHIB might not experience major selling pressure that could drive a price nosedive.
At press time, the value of the Shiba Inu token was $0.0000088. This price was a 37.38% decrease in the last 365 days, confirming how SHIB struggled for most of the past year.
But will these struggles yield something better in the long term? AMBCrypto looked at the potential from a technical perspective.
The SHIB/USD daily pair showed that the meme coin’s last tremendous rally occurred in December. Around that period, the price of SHIB moved from $0.0000084 to $0.00011 within two weeks.
But since then, Shiba Inu’s price action has mostly been in the downward direction.
SHIB eyes an amazing return
For the long term, we considered looking at the Exponential Moving Average (EMA). As of this writing, the 50 EMA (blue) had crossed over the 200 EMA (yellow).
This crossover is termed a golden cross, meaning that Shiba Inu’s price might perform exceptionally in a matter of months.
Furthermore, the Chaikin Money Flow (CMF) was 0.03.
This CMF reading implies that there has been more capital flow into the SHIB ecosystem compared to what it was between the last week of January and the 4th of February.
With this growth, SHIB’s price can move higher.
For the token to move like it did in December, liquidity flow into the market has to be incredible. Should this be the case, SHIB’s value might jump as high as $0.00002 in the mid to long term.
How much are 1,10,100 SHIBs worth today?
In the short term, SHIB might keep moving sideways. However, the long-term view of the token looks promising. But unless something else occurs, the price might not retest its All-Time High (ATH).
Still, a significant uptick remains in the works.