Traders Hold Shiba Inu For The Longest Time Among Major Tokens, Data Shows
Recent data shows Shiba Inu and Cardano are held for the longest time by cryptocurrency traders, with SHIB averaging 120 days.
The year 2021 saw a huge storm of meme coins getting into the cryptocurrency market. Somehow only a few meme tokens have managed to maintain their stand in the market. Out of those meme coins the Shiba Inu (SHIB) emerged as the most viewed coin of 2021 beating the king of the cryptocurrency, Bitcoin (BTC).
Shiba Inu has holding time of 120 days
Data from Coinbase, America’s largest cryptocurrency platform, suggests that Shiba Inu token is one of the longest held cryptocurrencies by the users, news publication IBT reported.
According to the data, Shiba Inu has a holding time of 120 days beating its so called competitor Dogecoin. On the other hand, the biggest meme cryptocurrency DOGE has a hold time of 80 days. However, the largest and second largest cryptocurrencies, Bitcoin and Ethereum have a hold time of 115 and 87 days, respectively. Among the top 10 tokens by market capitalisation, Avalanche has the lowest hold time of just 36 days.
Meanwhile, Cardano (ADA) has recorded the longest hold time of 121 days. ADA token has seen a plunge of over 30% in the last 30 days. Still, it has managed to stay on the list of top 10 cryptocurrencies with a market capitalization of $28.6 Billion.
Whales accumulation confirms this theory
According to Coinbase, a Long holding time is a signal of an accumulation trend in the market. However, a short holding time will suggest an increased movement of the tokens among the wallet. As per reports, Shiba has incredibly improved its holding span over time. SHIB had a hold time of 51 days at the beginning of 2022.
The biggest of the Ethereum (ETH) whale gives a complete validation to this trend. Top ETH wallets have been accumulating the SHIB token for a very long time. Recently, a whale named “BlueWhale0073” added over $2.3 million worth of Shiba Inu tokens. However, SHIB token is the largest coin held by the top 100 ETH whales. They hold more than $1 billion worth of Shiba Inu tokens.
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