As a seasoned researcher with years of experience in the cryptocurrency market, I find myself constantly intrigued by the dynamics of meme-inspired coins like Shiba Inu (SHIB). The recent performance of SHIB, with its significant drop in value and increased FUD among investors, is a stark reminder of the volatile nature of this space. However, it’s not all doom and gloom; the same can be said for Dogecoin (DOGE) and the relatively newcomer, PEPE.
Over the last six months, the cryptocurrency Shiba Inu, which draws inspiration from internet memes, has experienced a significant drop in value, currently trading at approximately 0.00001348 USD. This recent decline is due to a broader market slump that caused it to fall by 3% over the course of a month.
Despite a 30% increase in cryptocurrency this year, an investigation by blockchain analytics firm Santiment has uncovered that its investor base is experiencing a significant amount of FUD (Fear, Uncertainty, and Doubt). Notably, the lion’s share of funds within this ecosystem is held by a small number of wallets containing over 1 billion SHIB.
According to Santiment’s assessment, the proportion of a meme-based cryptocurrency’s total supply kept in wallets holding less than one billion SHIb has reached its smallest amount since last November (2022).
According to the company’s analysis, the social buzz about SHIB has been minimal since late July and has generally been decreasing throughout the year. The sentiment towards this cryptocurrency leans slightly negative, with small-scale investors selling off the asset rapidly.
Currently, popular meme coin Dogecoin is experiencing brief profits for short-term traders. However, long-term investors are struggling and finding themselves at levels close to their lowest points from the previous year.
As an analyst, I’ve observed that wallets containing 1 million Dogecoin or less make up approximately 11.8% of the total Dogecoin supply, a figure that has remained consistent since the start of the year. These smaller holders appear to be in an accumulation phase.
Over the last three months, I’ve noticed a surge in confidence among retail traders investing in the meme-inspired cryptocurrency PEPE. It seems that those holding a million PEPE or more have been actively increasing their holdings. They’ve been cleverly taking advantage of every dip in the market to stockpile even more PEPE, effectively claiming a larger share of the available supply.
The company pointed out that a more favorable scenario might occur if large investors (whales) take over from retail traders who exit the market. Interestingly, Shiba Inu’s structure suggests it could experience significant growth once Bitcoin becomes more stable and altcoins start to regain their strength again.
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2024-09-13 07:10