Shiba Inu’s price trend has been bearish and has been consistent with the rest of the cryptocurrency market. Notably, SHIB is still trying to regain the heights it attained in 2018 when the joke coin’s value and popularity skyrocketed.
Some of the coin’s investors are confident that the asset will return despite the current state of the cryptocurrency market. The investors are reportedly increasing their coin purchases while ignoring the crypto bloodbath.
SHIB has 1,226,031 holding addresses as of September 24 according to data from CoinMarketCap, a growth of roughly 35,835 additional holdings over the previous three months. Compared to the 1,190,195 people who were registered on June 26, the new holders represent a 3% rise.
Investors are probably attracted to SHIB by its growing utility in addition to the possibility that new SHIB holders may speculate on the coin’s appreciation. It is important to note that negative press about meme-based cryptocurrencies’ lack of utility caused interest in them to decline.
Are Shiba-Inu investors loyal?
Shiba Inu’s value has been on an up-and-down roller coaster since June, although the price has largely stayed low. On August 15, the coin’s price reached a three-month high of $0.000017, and as of the time of writing, it had increased by around 5% over the previous day.
According to data from Into The Block, about 30% of SHIB investors have held the asset for longer than a year. Even though the bear market is still running strong, investors have largely refrained from selling their coins. These holders want to stop SHIB from being a quick-profit asset while promoting an optimistic attitude among investors.
Shiba Inu’s volatility is still high as of the time of writing because the trading volume is still in decline. For a coin that mainly relies on speculative appeal, the drop in transaction volume is undesirable.
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Source: https://coinpedia.org/altcoin/investors-bullish-on-shiba-inu-shib-price-rally-seems-imminent-in-october/