Shiba Inu

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&#39; estimates on CoinMarketCap&#39;s pages points to the cryptocurrency&#39;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&#39;s important to note that the cryptocurrency community&#39;s predictions may never come true. According to the platform, the community&#39;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&#39;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&#39;s growing popularity among holders with a longer investment horizon.According to the firm&#39;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&#39;s supply.

Long-term Holders Control Supply, Crypto Community Predicts Stable April for Shiba Inu ($SHIB)

ItsBitcoinWorld

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