The cryptocurrency community is expecting the price of the meme-inspired cryptocurrency Shiba Inu ($SHIB) is going to mostly trade sideways until the end of the month to trade at 0.0000113 per token, up from its current price tag of $0.00001125.
According to estimates made on CoinMarketCap’s pages, the average of nearly 3,500 cryptocurrency community members points to the cryptocurrency’s price moving sideways until the end of the month, with predictions remaining muted over time. For the end of May, the community is predicting a 0.3% drop from current levels.
It’s important to point out that the cryptocurrency community’s predictions may not come to life at all. According to the platform, the community’s historical accuracy is of little over 87%, with recent data showing it was at around 99% in February, but dropped to around 92% in March 2023.
The community’s prediction comes at a time in which the SHIB burn rate has been surging. The burn rate mechanism was introduced in 2021 after Ethereum creator Vitalik Buterin burned 90% of his SHIB holdings and donated the rest to charity. The Shiba Inu community has since continued the practice, gradually taking $SHIB out of circulation.
Data from leading analytics firm IntoTheBlock has revealed that a substantial number of SHIB tokens are now held by long-term investors, demonstrating the token’s growing appeal among holders with a longer investment horizon.
The firm’s data shows that SHIB holders who have kept their tokens for over a year collectively own 687.17 trillion $SHIB, worth over $7.20 billion. These long-term holders control nearly 70% of Shiba Inu’s circulating supply.
Cruisers, or market participants holding their Shiba Inu tokens for one to 12 months, own 232.54 trillion $SHIB, worth more than $2.43 billion. These cruisers account for 23.65% of the token’s supply.
Traders, or those who have held onto their SHIB for less than a month, control 63.55 trillion SHIB, amount to over $650 million and less than 6.5% of the cryptocurrency’s supply.
Featured Image via Pixabay