The cryptocurrency community expects the meme-inspired cryptocurrency Shiba Inu ($SHIB) to trade mostly sideways until the end of the month, when it will trade at 0.0000113 per token, up from its current price of $0.00001125.
The average of nearly 3,500 cryptocurrency community members' estimates on CoinMarketCap's pages points to the cryptocurrency's price moving sideways until the end of the month, with predictions remaining muted over time. The community predicts a 0.3% drop from current levels by the end of May.
It's important to note that the cryptocurrency community's predictions may never come true. According to the platform, the community's historical accuracy is slightly higher than 87%, with recent data indicating that it was around 99% in February but dropped to around 92% in March 2023.
The community's prediction comes at a time when the SHIB burn rate is on the rise. After Ethereum creator Vitalik Buterin burned 90% of his SHIB holdings and donated the rest to charity, the burn rate mechanism was implemented in 2021. Since then, the Shiba Inu community has continued the practice, gradually withdrawing $SHIB from circulation.
According to data from leading analytics firm IntoTheBlock, a significant number of SHIB tokens are now held by long-term investors, demonstrating the token's growing popularity among holders with a longer investment horizon.
According to the firm's data, SHIB holders who have kept their tokens for more than a year collectively own 687.17 trillion $SHIB, worth more than $7.20 billion. These long-term owners control nearly 70% of the circulating Shiba Inu supply.
Cruisers, or market participants who have held Shiba Inu tokens for one to twelve months, own 232.54 trillion $SHIB, which is worth more than $2.43 billion. These cruisers make up 23.65% of the token supply.
Traders, or those who have held onto their SHIB for less than a month, control 63.55 trillion SHIB, which is worth more than $650 million and represents less than 6.5% of the cryptocurrency's supply.