IntoTheBlock analytics reports that Shiba Inu addresses that have held onto their tokens for 1-12 months have nearly doubled since Nov. 1. The on-chain analytics firm indicates that this might demonstrate the strong conviction of SHIB holders, noting that this category of addresses has increased from 533,180 on Nov. 1 to 1.05 million as of Feb. 7.
Shiba Inu's price steadily declined from November 2021 to late January after reaching a record peak of $0.000088 in October 2021.
Presently, Shiba Inu is leading meme coins higher in the ongoing market rally, surging to highs of $0.0000354 on Feb. 8. SHIB's price resumed an upward rise on Feb. 3 after touching lows at $0.00020 and has surged nearly 77% since then. Presently, SHIB trades at $0.0000325, up 18.54% in the last 24 hours, and it ranks 13th largest cryptocurrency, according to CoinMarketCap data.
According to the IntoTheBlock's holder composition by time held, 94% of SHIB holders have clung onto their tokens in the last 1-12 months, while 6% have held onto their tokens for less than a month. A greater chunk of SHIB holders being mid-term holders might suggest that SHIB may have been seeing buying pressure from this class.
Shiba Inu seeks to expand globally
Welly's, a Shiba Inu-themed fast food restaurant located in Naples, Italy, is intending to expand globally, according to a recent tweet. It claims that it has received "hundreds" of requests to open more franchises over the past week.
Recent on-chain data provided by WhaleStats blockchain service shows that a new Shiba Inu whale has emerged, holding a staggering amount of SHIB. As a result of two transactions performed several hours ago, a new whale wallet has emerged in the Shiba Inu community.
This wallet now holds a whopping 3,457,477,154,937 SHIB tokens worth $115,998,358. Besides, SHIB has reclaimed the top spot from FTX as the largest token holding among whales.