- Shiba Inu followed Bitcoin’s moves after hitting monthly peaks, recording a 10% 7-day dip.
- SHIB investors have been profit-oriented, holding over 48T tokens for more than one month.
- Tokens worth $2.59B would be vulnerable to selling if SHIB violates the ‘danger territory.’
Shiba Inu (SHIB) has experienced a drop in price this week, following broader market trends. However, despite the notable fall in price, its investors have remained resilient by holding onto their tokens. This behavior, commonly referred to as HODLing, has brought stability to the alternative token.
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SHIB Maintains Resilience Despite Missing Target
For the past two months, Shiba Inu has been attempting to overcome a crucial hurdle by flipping the $0.00001169 resistance mark to support. This would welcome recoveries towards $0.00001200, a level most SHIB fans have been anticipating.
Investors who bought SHIB at $0.00001100 – $0.00001400 have maintained their resilience as they anticipate profits once SHIB hits the highlighted resistance mark. This will result in over 250 trillion tokens, worth $2.59B at the current price, becoming profitable based on the average buying price of $0.00001200.
Furthermore, the wait has boosted investor confidence, leading them to hold over 48 trillion Shiba Inu coins, worth nearly $500M, for more than a month. This is apparent from balances in wallets that typically hold assets for between 1 and 12 months. Two days after 20 April, the 48 trillion coins changed hands from short-term investors to long-term enthusiasts. This indicates that despite SHIB’s dip this week, market participants remain confident that the meme coin will soon recover.
Source: CoinMarketCap
Moreover, SHIB isn’t encountering sudden selling, according to the MVRV ratio, with the indicator swaying beneath the neutral level at -4.9%. The Market Value Realized Value indicator shows whether investors experience profits or losses. Also, it shows the possible time for investors to cash out.
Meanwhile, the monthly MVRV shows the token saw price declines whenever the indicator climbs beyond 6%. That also emerged on 19 April, and SHIB lost 10%. That territory represents the ‘danger territory,’ and enthusiasts might cash out when the token is in this area. Therefore, should Shiba Inu record revival and soar beyond $0.00001200 for MVRV to hit 6%, selling cues might showcase. However, crypto will likely rally whenever market-friendly tendencies appear.
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