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Can Shiba Inu coin bulls catch a break especially now that the market has demonstrated some “liberation day” excitement?
On-chain stats signal that long term holders are still holding on to majority of the SHIB tokens in circulation.
According to recent IntoTheBlock data, long term holders (that have held for more than 1 year) currently hold more than 80% of the meme coin’s circulating supply.
Shiba Inu balances by time held reveal that long term holders have been accumulating on the way down.
HODLer balances grew from 703.55 trillion SHIB on 6 January to 787.58 trillion SHIB as of the end of March.
Cruisers (holding for a period of 1 month to 12 months) had their balances down from 220.22 trillion coins to 176.41 trillion during the same period.
Trader balances were down from 60.55 trillion to 20.51 trillion coins.
Can Shiba Inu Coin Escape This Critical Support Zone?
Bearish conditions in March saw Shiba Inu extend its decline by as much as 67% from its December high.
It also resulted in some sideways price action and most importantly, a retest of a key support level near the $0.000012 range.
The support retest suggests that SHIB has a chance at significant recovery from the same price zone if conditions allow.
However, a slip below this support level could see price extend its decline some more.
SHIB achieved a 7% upside in the first 2 days of April, giving rise to hopes of more upside. Especially now that on-chain data demonstrated significant accumulation.
Shiba Inu’s RSI also suggests that the bulls have been attempting to find a proper footing to push prices back up.
However, whale activity confirmed that outflows were dominant over the last few weeks in line with the bearish sentiment.
SHIB’s recent upside in the last 2 days might be modest but noteworthy. It confirms that the meme coin is moving in tandem with the rest of the market which was down by 4.43% in the last 24 hours.
SHIB Adoption Rate Confirms Demand Resurgence
Yet another indicator appeared to confirm that Shiba Inu bulls were attempting to make a comeback.
The meme coin’s new adoption rate concluded last month at 21.92% on 31 March. It bounced back up to 36.98% on 1 April, confirming a wave of demand.
This spike in new adoption rate confirmed a considerable uptick in the number of new addresses.
The outcome not only confirmed that demand was making a comeback, but also that SHIB was still an appealing meme coin.
A clear sign that its latest support retest could yield more potential upside. Although this outcome signals that there could be some recovery along the way, the risk of more potential downside remained active.
Especially considering that trade wars have been heating up. Shiba Inu coin’s performance has mostly been correlated with the rest of the market.
This means it will most likely move in tandem with Bitcoin and most altcoins in April. In other words, Shiba Inu’s performance in the next 4 weeks could be heavily dependent on market conditions.
The market’s latest performance was heavily influenced by trade war escalations. One of the biggest concerns after the heat they brought this week was that secondary effects of the tariffs could continue to suppress the markets.
Investor sentiment went from extreme fear to neutral in the last 4 hours though analysts expressed more concerns that the tariffs could trigger higher inflation.
This comes at a time when the market has been waiting for the FED to lower rates and pave the way for more liquidity inflows.
Risk-on assets such as Shiba Inu coin and the rest of the crypto market may struggle to regain strong bullish momentum in the short term if inflation remains high.
