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Shiba Inu Shows Strange Trend in This Key Blockchain Metric: Details

Wed, 11/09/2022 - 13:02
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Tomiwabold Olajide
SHIB enjoyed 53% increase in trading volumes to $734 million over previous day
Shiba Inu Shows Strange Trend in This Key Blockchain Metric: Details
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For the first time, the number of Shiba Inu long-term holders, or "hodlers," is surpassing that of midterm spectators and short-term traders. Currently, half or 50% of Shiba Inu holders are in it for the long term, which is a big positive for SHIB.

This is the highest percentage of long-term holders seen so far for the meme cryptocurrency, which started with its holders being purely short- and midterm holders.

According to IntoTheBlock's data on holder composition by time held, 50% of SHIB holders have "hodled" their tokens for more than a year, 47% have held within a year and 3% have held onto their tokens for less than a month.

The staying power of most Shiba Inu holders is being proven amid the current $2 trillion market rout. This is because Shiba Inu was not exempt from the bearish action; it is currently down 88.87% from its all-time high of $0.000088, which was reached almost a year ago.

In the last 24 hours, the crypto market has been hit with another wave of sell-offs. Shiba Inu (SHIB) is also down 10%, erasing its weekly gains over the past 24 hours, per data from CoinMarketCap. At press time, SHIB was trading down at near $0.0000099.

Despite the price dip, SHIB enjoyed a 53% increase in trading volumes to $734 million over the previous day. Likewise, SHIB continues to set new highs in its holder count, which is presently at 1,238,835, per WhaleStats data.

Shiba Inu's BONE payments expand to millions of merchants

According to a recent announcement, crypto payment gateway NOWPayments has indicated support for Shiba Inu's governance token, BONE ShibaSwap (BONE), to enable millions of merchants globally to accept it as payment.

BONE will now be used for payments, donations and payouts at locations supported by NOWPayments. As reported by U.Today, NOWPayments enabled a new feature that allows payment of salaries in SHIB.

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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.