Shiba Inu Climbs to 9-Month High, Bolstered by Long-Term Holder Support

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As a seasoned crypto investor who has navigated through the Dogecoin craze and the rise of countless other meme coins, I must admit that the recent surge of Shiba Inu (SHIB) has piqued my interest. The backing of long-term holders and the attention drawn by the US government’s move to sell seized SHIB tokens have added a unique flavor to this coin’s story.

Since mid-September, the value of Shiba Inu (SHIB) has significantly increased, consistently reaching a peak not seen in nearly nine months.

Although the meme coin has mostly flown under the public eye, a number of elements are currently drawing attention to it. The support from long-term investors (LTIs) is driving Shiba Inu’s surge in popularity.

Shiba Inu Has Support

A recent move by the US government regarding Shiba Inu has drawn attention to the coin despite the amount being relatively small. The government sold SHIB tokens that were seized as part of the funds from the FTX Alameda scandal. 

The total value of SHIB sold was $1.5 million, but the simple action of moving the tokens caused a stir in the market. The news sparked interest and placed SHIB on the radar of crypto enthusiasts and investors.

The growing support for Shiba Inu is evident as the MVRV Long/Short Difference underscores. This measurement shows that a large number of long-term investors (LTIs) are holding onto Shiba Inu. When the MVRV values are positive, it means these investors are making profits, and they typically prefer to hold onto their investments instead of selling. Thus, the continued ownership by these LTIs is essential for maintaining the price stability of SHIB.

Long-term investors’ dedication suggests that SHIB’s recent price rise might not be a fleeting surge but could indicate a prolonged uptrend instead. The backing from long-term holders significantly influences Shiba Inu’s potential future price movement. As long as long-term investors keep reaping benefits, the chances of a major selloff are minimal.

SHIB Price Prediction: Facing Barriers

Over the past day, Shiba Inu (SHIB) experienced a 10% price jump, hitting $0.00003169. This significant increase has led Shiba Inu to reach its highest point in nearly nine months, sparking fresh curiosity among investors.

Looking at SHIB’s current market trends, there’s a strong possibility it might surpass the significant barrier at around $0.00003515. If it manages to maintain an upward momentum beyond this level, it could pave the way for new price goals and potential expansion.

If Shiba Inu (SHIB) falls below its current support level at $0.00002976, there’s an increased probability it could slide down to the next support area around $0.00002267. This potential fall would counteract the positive market outlook.

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2024-12-05 17:18