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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Shiba Inu Diamond Hands Are Refusing To Sell, Bulls Eye $0.00009 ATH

Scott Matherson
Scott Matherson
1 month ago
3 mins read
Shiba Inu

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On-chain data shows that Shiba Inu diamond hands are holding on to their coins despite the meme coin’s underperformance in recent times. This comes as SHIB bulls eye a new all-time high (ATH), with the meme coin potentially reaching $0.00009. 

Shiba Inu Holders Are Refusing To Sell Despite SHIB’s Underperformance

Glassnode data shows that Shiba Inu’s holder retention rate is currently at 96%, having been on an uptrend over the last thirty days. The metric tracks the percentage of addresses that have held SHIB over the past 30 days. An uptick indicates that holders aren’t selling but instead even accumulating more coins. 

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Shiba Inu

Shiba Inu Diamond Hands Are Refusing To Sell, Bulls Eye $0.00009 ATH

1 month ago

Furthermore, Santiment data confirms that investors are still accumulating Shiba Inu, despite SHIB’s underperformance. Notably, the number of holders have continued to rise amid the price downtrend, and there are now 1.53 million SHIB holders. This comes as the meme coin looks to hold above the psychological $0.000010 price level. 

Shiba Inu
Source: Chart from Glassnode

However, a negative for SHIB is the downtrend in the holdings of Shiba Inu whales. Santiment data shows these whales have continued to offload their coins amid the meme coin’s underperformance. These whales refer to those holding 10 million coins and above. Notably, they account for over 98% of the meme coin’s total supply. 

This also explains why there have been more exchange inflows than outflows, highlighting the fact that there is currently more supply than demand. On September 5, the exchange inflows were 73.73 billion SHIB while the outflows were 46.25 billion coins. Meanwhile, supply on exchanges remains sideways, with whales choosing to offload their coins and stay on the sidelines rather than actively buying the dip. 

SHIB Bulls Eye New ATH

Shiba Inu bulls are eyeing a new all-time high for the meme coin despite its underperformance this year. Crypto analyst Javon Marks has also fuelled the bullish outlook for the SHIB price, predicting that it could record a rally of over 500%, which would bring it close to its current ATH of $0.00008845.

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In an X post, Marks said that Shiba Inu has confirmed a bullish pattern in a regular bull divergence with the MACD Histogram. He explained that this suggests that the SHIB price is about to record a major bullish reversal to the upside, which can include a move of over 163% back into the $0.00003 range.

The crypto analyst further remarked that this move may only be the start. He stated that the 163% move could be part of an over 570% run to the $0.000081 breakout target if the Shiba Inu price continues to hold well broken out of an older structure. 

At the time of writing, the Shiba Inu price is trading at around $0.00001230, up in the last 24 hours, according to data from CoinMarketCap.

Shiba Inu
SHIB trading at $0.000012 on the 1D chart | Source: SHIBUSDT on Tradingview.com
Featured image from Adobe Stock, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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