Main navigation

Shiba Inu: This Metric Displays Confidence Among SHIB Holders

Tue, 08/16/2022 - 16:22
article image
Tomiwabold Olajide
This usually results from convictions or beliefs about long-term prospects of project
Shiba Inu: This Metric Displays Confidence Among SHIB Holders
Cover image via

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

According to IntoTheblock data, Shiba Inu "hodlers," referring to addresses that have held for more than a year, have displayed a positive 11.97% change in the last 30 days. The number of short- and medium-term holders, however, saw a decline throughout the same period.

In the context of buying and holding cryptocurrencies, the phrase "hodl," a misspelling of "hold," which means "hold on for dear life," has become a catchphrase among cryptocurrency fans. "Hodling" signifies a long-term approach to cryptocurrency holding and usually results from convictions or beliefs about the long-term prospects of a project.

Shiba Inu Holders By Time Held, Courtesy: IntoTheBlock

According to IntoTheBlock's data on holder composition by time held, 28% of SHIB holders have "hodled" their tokens for more than a year, 68% have held within a year and 4% have held onto their tokens for less than a month. Just a week ago, U.Today reported that the percentage of Shiba Inu "hodlers," or long-term holders, was 27%.

Shiba Inu's correlation with Bitcoin drops by 30%

Following its most recent surge, Shiba Inu is gradually decoupling from Bitcoin, as shown by the 30-day Bitcoin correlation index.

Shiba Inu had significant market growth on Aug. 14, rising about 35% from lows of $0.0000126. On Aug. 15, Shib soared to a peak of $0.0000179 before retreating. Shiba Inu's price was up 2% at the time of publication to $0.0000155.

According to IntoTheBlock statistics, Shiba Inu was showing a 0.62, or 62%, price correlation with Bitcoin, a drop of nearly 30%. U.Today previously reported this value to be 0.9, or 90%, in the past week.

Shiba Inu to Rise? Here's Shiba Inu Dev's Response to User Who Wants SHIB to "Go Up"

A sustained decoupling from the Bitcoin market might signal that Shiba Inu's price movement is unlikely to be dictated by the market's general trend.

In the past day, SHIB was among the top 10 most purchased tokens among the 100 biggest ETH whales, per WhaleStats data. The analysis of the top 100 Shiba Inu holders by WhaleStats reflects a 509% increase in trading volumes and a 771.88% increase in netflow.

article image
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.