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SHIB: Historic Milestone Reached in This Metric as Whales Accumulate

Sat, 12/03/2022 - 11:28
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Tomiwabold Olajide
Shiba Inu (SHIB) might be gaining traction toward becoming "safe haven"
SHIB: Historic Milestone Reached in This Metric as Whales Accumulate
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Shiba Inu has reached a historic milestone in the number of holders who are in it for the long term. The bearish market conditions seen in the market since the start of 2022 have put the strongest of hands, or "diamond hands," to the test.

Long-term holders, or "hodlers," according to IntoTheBlock, make up a cohort that includes all Shiba Inu investors who have been holding onto their tokens for at least more than a year.

In this regard, SHIB has gained traction since the beginning of the year, with the percentage of hodlers rising from 1% to 55%.

The bearish market conditions, exacerbated by major collapses such as those of Terra and FTX, contributed to a general loss of conviction across the board. The reverse appears to be true for Shiba Inu as "hodlers," referring to holders with conviction, are on the rise.

For context purposes, the numbers of long-term holders, or "hodlers," for Litecoin and Polygon are 44% and 31%, respectively.

SHIB Now Gaining Traction as Safe Haven, Certik Statistics Imply

A recent analysis by security-focused ranking platform CertiK indicated that Shiba Inu (SHIB) might be gaining momentum toward becoming a "safe haven."

This inference was made based on on-chain analytics data examined by CertiK, which noted that SHIB is built around its online community, just like most meme coins.

CertiK reported that SHIB's historic social sentiment was 79 out of 100, which implies that the crypto online community "feels good about it."

Whales accumulate

According to WhaleStats data, SHIB ranks as the largest holding for the biggest 5,000 ETH whales, who are "hodling" $76,984,166 worth of SHIB.

SHIB also ranked among the top 10 purchased tokens in the category of the top 1,000 ETH whales in the last 24 hours.

At the time of publication, SHIB was changing hands at $0.0000093. BONE was up 5% at $0.83.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.