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Shiba Inu Hits New Milestone, but Not in SHIB Price

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Sat, 25/11/2023 - 13:25
Shiba Inu Hits New Milestone, but Not in SHIB Price
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The dog-themed cryptocurrency Shiba Inu has reached a new milestone, although not in terms of price. Shiba Inu has reached new highs in its hodlers' or long-term holders' count, according to on-chain analytics startup IntoTheBlock's data.

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IntoTheBlock collects addresses based on how long they have owned a given asset. These addresses are divided into hodlers, cruisers and traders.

Hodlers are addresses that have held an asset for over a year and are considered long-term investors. Cruisers address withholding durations ranging from one to twelve months and are midterm or swing traders. Traders are those who have held an asset for less than one month and are short-term speculators.

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In this regard, the percentage of SHIB hodlers is now at 74%, the highest ever for Shiba Inu since its inception. The percentage of cruisers and traders is 24% and 2%, respectively.

The Shiba Inu ecosystem is constantly expanding, with new use cases ranging from gaming to the metaverse to real-world utility.

These new use cases are likely to have played a significant part in the continuing growth of hodlers, as these long-term addresses may wish to retain their holdings to benefit from these uses.

The positive implication of hodlers' rise is that the majority of the supply held by these addresses is illiquid, as it rarely moves and is most likely held in cold storage. This illiquidity triggers the impact of demand forces on the crypto asset, perhaps propelling it in the long run.

Shiba Inu's price was up 1.95% in the last 24 hours to $0.000008305 at the time of writing. Shiba Inu has witnessed a few dramatic price jumps this year but is still down 6.9% since the past year, according to CoinGecko data.

The dog-themed cryptocurrency remains down 90.34% from all-time highs of $0.00008616 attained in October 2021.

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