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Shiba Inu Breaks Startling Record in Recent Market Decline

Wed, 11/02/2022 - 14:34
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Tomiwabold Olajide
Shiba Inu still attracting significant investors despite bearish market conditions
Shiba Inu Breaks Startling Record in Recent Market Decline
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Shiba Inu (SHIB) fell on Wednesday as its wild rally appeared to slow down. Shiba Inu jumped as much as 12% on Nov. 1 as dog-themed cryptocurrencies rose on Elon Musk's tweet. Tesla CEO Elon Musk tweeted an image of a dog wearing a T-shirt with the Twitter logo alongside a Halloween pumpkin.

Shiba Inu was a top gainer in late October as its price rose almost 55% to reach a high of $0.00001518 on Oct. 29. Bulls took a breather to resume an upward rise from Oct. 31 through Nov. 1 before exhaustion set in.

SHIB Gains 10% in Fresh Rally as "Dog Season" Arrives: Details

At the time of publication, SHIB was changing hands at $0.000012, down 5% in the last 24 hours. The Federal Reserve is expected to make a major decision soon, and there is still leverage on the market, which could potentially cause volatility in the cryptocurrency sphere.

Shiba Inu sets record

Shiba Inu is still attracting significant investors despite bearish market conditions. According to WhaleStats data, Shiba Inu has set a new high in its holder count, presently at 1,233,301.

The composition of SHIB holders is seeing a surprising shift, as nearly half of these asset holders are in it for the long term.

According to IntoTheBlock data, SHIB is currently recording its highest percentage of long-term holders, or "hodlers," as it keeps setting new milestones in the metric. The percentage of long-term holders, or "hodlers," has jumped to 45%, the highest so far, while that of midterm speculators continues to decline. Meanwhile, the percentage of short-term holders has held relatively steady.

Per IntoTheBlock's data on holder composition by time held, 45% of SHIB holders have "hodled" their tokens for more than a year, 51% have held within a year, and 3% have held onto their tokens for less than a month. On Oct. 26, U.Today reported the number of long-term holders to be 38%, implying a significant increase in barely a week.

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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.