Coin Realm reports:
Shiba Inu (SHIB), one of the most popular meme coins, has witnessed a significant decline. The asset’s trading price fell to $0.00001314 after a daily drop of 15%. Just yesterday, SHIB’s trading price was around $0.0000155. The market has been sluggish, with some investors consistently “buying the dip,” but this accumulation phase may be nearing its end.
During this period, analyst Crypto Sheriff noted that SHIB is still in an accumulation phase. With reduced volatility, traders are solidifying their holdings. According to Sheriff’s post, SHIB’s Relative Strength Index (RSI) is currently at 25.04, well below the oversold level of 30. With the RSI at this low, SHIB may be oversold. This is a sign that selling pressure may have peaked, and a price reversal could be imminent.
A tweet revealed that SHIB’s accumulation phase might be coming to an end. This could lead to further market fluctuations. In the past, such stages, with increased buying momentum, have preceded bull markets. The analyst’s chart indicates a potential rebound to $0.000045, setting a new high for the year.
Also read: Cryptocurrency Market: Shiba Inu & Dogecoin Drop 15%
Addresses Holding SHIB for Over a Year Increase
The market seems to have an optimistic view of meme coins. Despite SHIB’s recent strong performance, investors continue to trust it. Data from IntoTheBlock shows that the number of wallets holding SHIB has been increasing for over a year. As of January 1, 2024, there were approximately 995,440 addresses in this category. Furthermore, by July 1, 2024, this number rose to 1.03 million. This indicates an increase of 34,560 wallets holding SHIB for over a year in the past six months, a 3.47% increase.