Tides reversed back into the favor of bulls on Wednesday. Per data from CoinMarketCap, the collective value of all cryptos surged by more than 5% over the past day to $823.5 billion. Most top cryptos reaped the benefit of Bitcoin staying afloat above $16.5k and Ethereum re-claiming $1.1k.
Shiba Inu was one such token. The $4.9 billion market-capped asset noted an 8.5% appreciation over the past 24 hours and was seen exchanging hands at $0.000009027 at press time.
Shiba Inu ecosystem-centric changes
Over the past month, Shiba Inu address dynamics have altered. In the said period, long-term participants [HODLing for <1 year] have risen by 47.89%, bringing to light the budding conviction among them.
Cruisers [HODLing between 1-12 months] have been flushed out of the ecosystem [down by 28.46%], hinting that participants feel that the asset might not essentially be a lucrative bet over the mid-term. Traders have seen a whopping 120% rise, indicating that the price of the asset may continue to be volatile over the short term.
Despite the said changes, the sentiment landscape doesn’t seem to be glossy at the moment. Over the past week, the number of social mentions and engagements has dropped by more than 10% each.
Despite the recent recovery noted, Shiba Inu whale balance has been on the drop. In the period between 11-13 November, the top 100, 2000, and 5000 whales held a balance of 79.89 million SHIB, 80.326 million SHIB, and 80.177 million SHIB. However, the latest numbers from WhaleStats revealed that their HODLings were already down to 71.3 million SHIB, 70.39 million SHIB, and 73.24 million SHIB respectively.
Thus, for Shiba Inu to continue gliding up the charts, whale interest and the overall sentiment will have to re-bloom. Only when that said boxes get checked, and SHIB continues to receive support from other macro factors, would its price be able to head towards $0.00001 and erase another zero.