“Shiba Inu: Taking Dog-Themed Cryptocurrency to New Heights, But Not in Terms of Price”
Shiba Inu has reached new highs in long-term holders, according to IntoTheBlock, an emerging on-chain analytics firm. IntoTheBlock categorizes addresses based on their asset holding duration, dividing them into hodlers, traders, and scalpers.
Hodlers are addresses that hold assets for over a year, representing long-term investors. Traders engage in holding periods ranging from a month to twelve months, making them mid-term traders or swing traders. Scalpers are those who hold an asset for less than a month, engaging in short-term speculation.
Currently, hodlers make up 74%, the highest percentage ever for Shiba Inu. Traders and scalpers account for 24% and 2% respectively.
The Shiba Inu ecosystem continues to expand, with new use cases ranging from gaming to Metaverse to real-world utility. These new use cases may have played a significant role in the continuous growth of long-term holders, as they may want to hold onto their assets to benefit from these use cases.
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The positive impact of increasing hodlers is that the majority of the supply held by these addresses is illiquid, as it rarely moves and is likely stored in cold storage. Illiquidity affects the supply-demand dynamics of cryptocurrencies and may push prices higher in the long run.
has experienced some significant price jumps this year but still remains down 6.9% since last year, according to data. The price of Shiba Inu has increased by 1.95% in the past 24 hours, reaching $0.000008305 at the time of writing this report. The dog-themed cryptocurrency is still down 90.34% from its all-time high of $0.00008616 achieved in October 2021.
Disclaimer: The information provided is not financial advice. Chinwa.tech does not take any responsibility for investments made based on the information provided in this article. We recommend consulting a qualified specialist or financial advisor before making any investment decisions.
