- Shiba Inu price has yielded 10% gains for holders since February 3 and a broader crypto market downtrend after the US Nonfarm Payrolls data release.
- The Dogecoin-killer’s long-term holders refuse to shed their SHIB holdings, while short-term holders who held the token for four weeks or less are taking profits.
- Shiba Inu wallet addresses holding SHIB for one year or longer have climbed consistently over the past year, fueling a bullish narrative.
Shiba Inu, the second-largest meme coin in the crypto ecosystem, has witnessed a massive spike in its popularity among long-term holders. SHIB price bucked the market-wide downtrend and yielded 12% gains for holders since January 21.
Also read: Assessing the possibility of Bitcoin price crash to $20,000 after US NFP rises to 517,000
Shiba Inu yields double-digit gains for holders
Shiba Inu, the largest meme coin competitor of Dogecoin, has witnessed a massive spike in the volume of SHIB held by wallet addresses for over a year. As seen in the chart below, the number of wallet addresses holding SHIB for over a year has climbed consistently over the past year. Cruisers, or the category of holders holding SHIB for less than 12 months, decreased.
As the Shiba Inu community awaits the launch of the layer-2 scaling solution Shibarium, the accumulation of SHIB by long-term holders has picked up the pace.
Shiba Inu addresses by time held
Shiba Inu was one of Friday’s biggest gainers; the Dogecoin-killer is trading close to its three-month high. Despite a decline in the global crypto market SHIB bucked the market-wide downtrend.
What to expect from Shiba Inu?
The Shiba-Inu-themed cryptocurrency continues to enjoy a high correlation with Bitcoin. According to data from crypto intelligence tracker CoinGecko, SHIB is currently 0.97 correlated with Bitcoin. The meme coin's correlation with BTC could negatively influence the meme coin's uptrend unless bulls push the meme coin higher.
After a massive retracement in Bitcoin in a knee-jerk reaction by crypto traders, BTC is back to the $23,300 level. Shiba Inu will likely sustain its uptrend if Bitcoin stays above the critical psychological level of $23,000.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
XRP price stuck under $0.65 despite Bitcoin hitting $38,000 three times in one week
Ripple (XRP) and Bitcoin (BTC) prices do not show parity. Despite both featuring among the crypto top three, Ripple price is stuck under $0.6500 while Bitcoin has managed to foray north, testing the $38,000 psychological level for the third time in a week.
FTX token FTT jumps 8% as exchange wins approval to start selling $744 Million in Grayscale and Bitwise assets
FTX token (FTT) has jumped 8% following news that a US bankruptcy court of Delaware has allowed the now-defunct cryptocurrency exchange to move forward with a November 6 request.
Optimism price slips under critical support as $40 million worth of OP due to flood market Thursday
Optimism (OP) price has dropped 5% in the last day, but trading volume is up a stark 15% over the last 24 hours as of press time. The disparity comes amid expectations of more tokens in the OP market relative to what traders are willing to buy at current prices.
Pando becomes thirteenth BTC ETF applicant as BlackRock presents revised in-kind model
/definition-of-etf-21007500_XtraSmall.jpg)
Amid the ongoing spot Bitcoin ETFs race, a new player has joined the marathon. Pando Asset AG has become the thirteenth applicant even as the US Securities & Exchange Commission (SEC) continues to engage with prospective issuers.
Three key BTC accumulation levels before ETF approval in January 2024
Bitcoin, from a high time-frame perspective, has been in an up-only trend since the start of 2023. BTC has ignored many sell signals due to the likelihood of an Exchange-Traded Fund approval. With the holidays around the corner, falling liquidity could see BTC discounted from its current level, hovering around the $37,000 region.