Shiba Inu Loyalists Stand Firm as Bulls Target $0.00009 Peak

On-chain analysis reveals that dedicated Shiba Inu holders are maintaining their positions despite the meme token's recent lackluster performance. This comes as SHIB enthusiasts set their sights on a potential new record high, with aspirations of reaching $0.00009.

Steadfast Shiba Inu Investors Resist Selling Amid Token's Underperformance

According to Glassnode metrics, Shiba Inu's holder retention rate has climbed to 96%, showing an upward trend over the past month. This indicator measures the proportion of addresses that have held SHIB for 30 days or more. The increase suggests that investors are not only holding but potentially increasing their stakes.

Supporting this trend, Santiment data indicates ongoing accumulation of Shiba Inu, even as SHIB's price struggles. Notably, the investor base continues to expand during the price downturn, with the number of SHIB holders now reaching 1.53 million. This occurs as the meme token strives to maintain its position above the crucial $0.000010 threshold.

However, a concerning development for SHIB is the declining holdings among large-scale investors. Santiment data shows these major players have been reducing their positions amid the token's underperformance. These significant holders, defined as those owning 10 million coins or more, control over 98% of the meme token's total supply.

This trend aligns with the observed increase in exchange inflows compared to outflows, indicating a current supply surplus. On September 5, exchange inflows totaled 73.73 billion SHIB, while outflows were 46.25 billion tokens. Meanwhile, the supply on exchanges remains relatively stable, with major holders opting to reduce their positions and observe from the sidelines rather than actively acquiring more during the dip.

SHIB Enthusiasts Aim for New Heights

Despite its underwhelming performance this year, Shiba Inu supporters are setting their sights on a new all-time high for the meme token. Crypto analyst Javon Marks has fueled optimism for SHIB's price trajectory, projecting a potential surge of over 500%, which would bring it near its current peak of $0.00008845.

In a social media post, Marks highlighted that Shiba Inu has confirmed a bullish pattern through a regular bull divergence with the MACD Histogram. He suggested this indicates SHIB's price may be on the verge of a significant upward reversal, potentially including a move of over 163% back to the $0.00003 range.

The analyst further speculated that this movement could be just the beginning. He proposed that the 163% increase might be part of a larger 570% run towards the $0.000081 breakout target if Shiba Inu's price maintains its position above a previously established structure.

As of the latest update, Shiba Inu is trading at approximately $0.00001230, showing gains in the past 24 hours, based on data from CoinMarketCap.

Disclaimer: This information is for educational purposes only. Historical performance does not guarantee future results.