64 Trillion SHIB Purchased in 30 Days. Here’s the Significance

Shiba Inu (SHIB) has experienced significant price fluctuations in recent weeks. According to a report by crypto intelligence platform IntoTheBlock, this volatility can be attributed to contrasting investment strategies between short-term and long-term holders.

The data was shared by Slim Daddy (@felixreads), a crypto content creator affiliated with IntoTheBlock. The data reveals a surge in SHIB accumulation by short-term investors.

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These addresses belonging to those holding SHIB for less than a month have increased their holdings by 64 trillion SHIB, translating to 278% within the past 30 days. This intense buying activity suggests a growing interest in profiting from short-term price movements.

This recent accumulation coincides with a period of significant price volatility for SHIB. In early March, the token’s price skyrocketed to a yearly high of $0.0000445, fueled by renewed investor enthusiasm. This price surge likely enticed many short-term traders, who entered the market seeking quick gains.

However, this buying frenzy was followed by a wave of profit-taking. As the price peaked, many short-term investors sold their SHIB holdings, leading to a sharp decline. SHIB is currently trading at $0.00002789, much lower than its March peak. Despite this decline, Shiba Inu’s lead developer, Shytoshi Kusama, believes SHIB will dominate the current bull cycle.

The Long-Term Strategy

In contrast to the actions of short-term traders, long-term SHIB holders (those holding for more than a year) exhibited a more cautious approach. While SHIB’s price surge may have presented an opportunity to lock in profits, data from IntoTheBlock indicates that these investors reduced their holdings by only 9.07% over the past month. This suggests a greater focus on long-term value potential by this investor group.

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Looking ahead, the future trajectory of SHIB remains uncertain. Despite the recent price correction, prominent analysts believe SHIB will surpass its all-time high in 2024. A notable analyst recently revealed the entry point for SHIB’s climb to $0.000085, expecting the meme coin to reach that target soon.

Another prominent analyst predicted an 822% surge for the meme coin, targeting $0.00027. The consensus is that 2024 is the year SHIB will surpass its all-time high.

The recent price volatility highlights the contrasting investment strategies of short-term and long-term holders. While short-term investors have been accumulating the token in anticipation of quick profits, long-term holders have adopted a more measured approach. This approach could net them massive profits as SHIB heads towards its all-time high.

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