A recent analysis of the SHIB’s performance reveals that 14% of holders are making profits at the current price, while 5% are breaking even, leaving a significant 82% in unrealized losses.
Furthermore, there is a huge selling pressure at $0.000013 since that is a price range where a large number of holders would break even. Where most addresses are out of the money, the price will have high selling pressure since many of these addresses will look to sell once the market price reaches their average cost and break-even on their positions. This will act as a resistance level to a continued price increase at those prices.
The concentration of SHIB by large holders is quite high, standing at 77%. This suggests that a small number of investors control a large portion of the token’s supply, which could potentially influence its price volatility.
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Show more +Interestingly, SHIB’s price correlation with Bitcoin, the leading cryptocurrency, is 0.49. This indicates that SHIB’s price movements are moderately influenced by Bitcoin’s price fluctuations.
In terms of holders’ composition by time held, long-term holders dominate the scene. 68% of holders have held SHIB for more than a year, 27% for 1 to 12 months, and a mere 5% for less than a month.
SHIB’s Price Action Over the Last Month
Over the past month, SHIB’s price has seen some notable fluctuations. On June 18, 2023, the token opened at 0.0000006973 and closed at 0.0000007208, with a high of 0.0000007556. The token’s price continued to oscillate over the following weeks, reaching a monthly high of 0.0000008532 on July 15, 2023.
However, the token experienced some downward pressure in the latter half of the month, with the price dipping to a low of 0.0000007336 on July 12, 2023. Despite these fluctuations, SHIB has shown resilience, closing at 0.0000007845 on July 17, 2023.
The token’s price action over the past month underscores the volatile nature of the crypto market. However, with a significant percentage of holders in profit and a strong correlation with Bitcoin, SHIB continues to be a token of interest for both short-term traders and long-term investors.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com
