The popular dog-encrusted meme coin Shiba Inu (SHIB) scored a brand new milestone last weekend, fetching 1,235 new holders on Ethereum (ETH) on Sunday. Ethereum is the parent chain of Shiba Inu coin (SHIB), while the digital asset is also available on Binance Smart Chain (BSC).
Seasonality: Shiba Inu’s Main Near-Term Catalyst?
Drawing closer to the 1.7 million HODLer count, Shiba Inu’s new custodians are likely preparing themselves for ‘Uptober’. This historically-favorable month of October has usually put Shiba Inu’s price performance in massively green territory, with the biggest gain around 833% in 2021. 2022 then brought 10%, while last year the gains were beyond 15%.
If history repeats, Shiba Inu’s (SHIB) price could try beating the $0.00001 confluent resistance during the month. Looks like traders are preparing, as September’s new Shiba Inu holder count has already surpassed 8,935 at the time of publication. While the meme coin’s price is still trading sideways, the gradual growth in holders fuel price appreciation.
SHIB Drawdown Met With Sloppy Trading Volumes
Despite this drastic upswing in new registered wallets, Shiba Inu coin’s (SHIB) price slid by 4% in 24 hours to trade at $0.00000569, according to CoinGecko. The retail trading demand isn’t there yet, as SHIB inked $99,461,384 in volume in the daily time-frame, considerably less than the peers of similar market-cap. This could postpone significant price volatility.
SHIB’s Futures trading has been whispering a similar story. The 24-hour garnered volume on speculative markets has barely breached $51 million, according to CoinGlass. Out of $299.99K in excessively-leveraged position liquidations, bulls account for $295.40K. The abnormal liquidation balance hints at over-leveraged liquidity being flushed before a bigger move.
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