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Shiba Inu Sets New Milestone in This Long-Term Metric: Report

Wed, 10/26/2022 - 14:36
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Tomiwabold Olajide
Shiba Inu is demonstrating 211% rise in trading volumes
Shiba Inu Sets New Milestone in This Long-Term Metric: Report
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According to IntoTheBlock data, SHIB is now seeing its highest percentage of long-term holders, setting a new milestone in the metric. The percentage of long-term holders, or "hodlers," has jumped to 38%, the highest so far, while that of midterm speculators continues to decline. Meanwhile, the percentage of short-term holders has held relatively steady.

According to IntoTheBlock's data on holder composition by time held, 38% of SHIB holders have "hodled" their tokens for more than a year, 59% have held within a year and 3% have held onto their tokens for less than a month.

Shiba Inu "hodlers," referring to addresses that have held SHIB for more than a year, have displayed growth since the start of 2022, from barely 1% to over 38% of holders.

11 Trillion SHIB Swapped in Last 24 Hours as Price Reclaims Key Level

Despite being significantly down from its peak, SHIB still draws a sizable number of investors. Shiba Inu currently has 1,230,662 holders, according to cryptocurrency data tracker WhaleStats, indicating that the number of SHIB holders has increased recently.

Shiba Inu trading volumes jump 211%

According to CoinMarketCap data, Shiba Inu is demonstrating a 211% rise in trading volumes as the SHIB price gains traction.

At the time of publication, SHIB was changing hands at $0.00001047, up 5.50% in the last 24 hours. A close above $0.00001017 would make the SHIB price mark the second consecutive day in the green.

Higher volatility, most of the time, leads to increased trading volumes for most crypto assets as traders buy and sell in large quantities to capture profits.

Thus, the rise in SHIB volume may have been caused by investors accumulating SHIB in its current range.

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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.