Dog-themed crypto currency Shiba Inu (SHIB) has skyrocketed by 1,948% in an on-chain indicator that gauges the level of investor confidence and market sentiment.
The Holding Time of Transacted Coins indicator from IntoTheBlock estimates the average amount of time coins are held before being transacted or traded.
The average holding period of transacted coins for SHIB has climbed since Feb. 26, demonstrating that favorable investor sentiment has grown in tandem with price increases. On March 3, the average time of holding transaction coins for SHIB increased to two years. Meanwhile, the volume of these coins rose to 24.57 trillion SHIB.
Coins that are held for longer lengths of time before being traded may indicate that investors are optimistic about the market's long-term prospects and are willing to keep their coins for a lengthy duration.
On the other hand, if coins are traded more frequently, it may imply that investors are more concerned with short-term gains and less confident in the market's long-term prospects.
Shiba Inu's price has been steadily climbing since Feb. 24, when it found support at $0.00000934, breaking out of a year-long consolidation range.
After a brief pause on March 3, Shiba Inu extended its weekly surge to reach intraday highs of $0.0000279 at press time. In the past seven days, SHIB’s market capitalization has surged over 180% to $15.78 billion, now ranking as the 11th largest cryptocurrency.
At the time of writing, SHIB was sustaining its daily gains, up 24% in the last 24 hours to $0.000027. If today closes in green, Shiba Inu would mark nine out of ten days of gains since Feb. 24.
On-chain analytics firm Santiment highlights that Shiba Inu had a volume surge of almost 3,000% in the past week, owing to surging prices and increased crowd interest.