Shiba Inu Reaches 9-Month High Thanks to Long-Term Investor Support
Date: 2024-12-06 Author: Henry Casey Categories: CRYPTO PAYMENTS
The Shiba Inu memecoin, which has long been on the fringes of the crypto market, has begun to actively attract the attention of investors in recent months. One of the key factors behind its rise has been the participation of long-term holders, who have been making a significant contribution to maintaining and strengthening the token’s price.
The recent event related to the sale of Shiba Inu tokens seized in the FTX Alameda case by the US government has attracted additional attention to the coin. Although the sale amounted to only $1.5 million, the movement of funds itself has generated a lively discussion in the crypto community.
In addition, the analysis of the MVRV Long/Short Difference indicator data confirmed that long-term investors play an important role in supporting the SHIB rate. Positive MVRV values indicate the profitability of their investments. Since such holders are generally in no rush to sell assets, their behavior provides additional stability to the market.
These long-term investors have demonstrated their commitment, making SHIB’s recent rise more sustainable than a temporary blip. If this group’s loyalty continues, the memecoin could continue to develop its upward trend.
The price of Shiba Inu has increased by 10% over the past 24 hours, reaching $0.00003169, a level that became a nine-month high for the token. This growth has increased investor interest and presented new challenges for the token.
Analysts suggest that SHIB may overcome the key resistance at $0.00003515. A successful consolidation above this level will open the way to new targets within the bullish trend.
However, the current optimism could be threatened if SHIB loses support at $0.00002976. In this case, the price may drop to $0.00002267, which will cast doubt on the continuation of the upward dynamics.
The support of long-term investors remains a key factor in shaping the future trajectory of Shiba Inu, strengthening its position in the world of memecoins.
