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Shiba Inu Sustains Surprising Trend in Holder Base, Here's Why It's Significant

Thu, 01/12/2023 - 14:29
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Tomiwabold Olajide
SHIB gaining momentum for next move
Shiba Inu Sustains Surprising Trend in Holder Base, Here's Why It's Significant
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The second largest dog-themed token, Shiba Inu, has sustained the trend of growth in its long-term holders, who now account for 62% of its total holders, which began in 2022.

The year 2022 was a tough one for cryptocurrencies, defined by falling prices, but Shiba Inu saw a rise in its long-term holders while the percentage of its short-term holders held relatively steady.

According to IntoTheBlock's data on holder composition by time held, 62% of SHIB holders have held onto their tokens for more than a year, 34% have held within a year and 4% have held onto their tokens for less than a month.

Shiba Inu: Long-Term Holders Are Increasing as Investors Shift Focus

Shiba Inu has surpassed the 1.2 million mark in holder count as it continues to set new records. According to data from WhaleStats, there are now 1,280,762 Shiba Inu holders. This remains a positive sign because it demonstrates long-term interest in the project.

SHIB prepares for next move as ''burn catalyst'' appears

At the time of publication, SHIB was changing hands at $0.0000091, up 3.81% in the last 24 hours. The SHIB price is gaining momentum for its next move as the "burn catalyst" appears for its price.

According to the SHIB burn website, the SHIB burn rate is up a whopping 937% as millions of SHIB are sent to dead addresses. In the last 24 hours, over 23,680,004 SHIB tokens have been burned, and four transactions have been made.

While the crypto market anticipates a bullish comeback in 2023, it should be noted that the current picture remains one of consolidation for now. Shiba Inu ranks as one of the most used smart contracts by Ethereum whales that WhaleStats tracks.

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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.