Diamond Hands: 75% of Shiba Inu Holders Retain SHIB For Over 1 Year

7 months ago 13

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Data shows that an impressive 75% of Shiba Inu (SHIB) token holders have kept their investments for over a year.

This statistic sheds light on investors’ anticipation of the token’s long-term potential. It also marks a shift among cryptocurrency investors towards prioritizing long-term gains over immediate returns.

Shiba Inu Investors Hold the Token for an Average of Two Years.

According to IntoTheBlock, the average holding period for Shiba Inu stretches to two years, demonstrating significant loyalty to the meme coin amid its fluctuating market conditions.

Since the last year, SHIB’s price has surged by over 92%. However, this increase comes after severe lows, with the token still remaining 74% below its all-time high.

Despite many holders sticking with their investment, not everyone is currently seeing profits. Only 58.18% of holders are “in the money,” based on current market prices. Consequently, a large number of Shiba Inu investors appear poised to hold their tokens, likely in anticipation of future price increases.

If current price is greater than the average cost, address is “In the Money.” If current price is lower than the average cost, address is “Out of the Money,” IntoTheBlock explains.

Additionally, there has been a notable rise in the number of Shiba Inu tokens burned. Shibburn reports a 25.92% increase in the daily burn rate, with a staggering 798.31 million tokens burned over the past week—a 289.36% jump.

By reducing the supply, this strategic token burning aims to enhance the token’s market value, potentially priming it for future growth.

Despite these optimistic developments, Shiba Inu’s market performance has shown some weakness. Since reaching a peak on March 5, the price has plummeted by over 50%, now trading at $0.00002246.

Currently, SHIB is navigating a tight horizontal channel, with a crucial resistance point at $0.00002383. Should SHIB break this threshold, it could potentially increase 21% to $0.00002734, a level that coincides with the 200 simple moving average on the 4-hour chart.

On the other hand, if SHIB fails to surpass this resistance, it might drop back to the support level at $0.00002080. This potential decline highlights the risks involved in holding the token amidst its volatile market journey.

The post Diamond Hands: 75% of Shiba Inu Holders Retain SHIB For Over 1 Year appeared first on BeInCrypto.

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