SHIB hold time on Coinbase surpasses half a year

Shiba Inu holders using Coinbase have held onto their SHIB for an average of six months, according to the exchange.

After the SHIB hold time on Coinbase hit 120 days in April, it has since increased to 183 days.

With plenty of projects on the Shiba Inu roadmap for SHIB users to look ahead to, it seems many Coinbase users have no plans to sell their tokens just yet.

Shiba Inu reaches six month hold time

Shiba Inu’s typical hold time on Coinbase has been steadily on the rise since it was first added to the exchange in 2021. It has now reached a significant milestone of a half-year hold time.

This hold time is longer than Bitcoin, Ethereum, Dogecoin, Cardano, Solana, and every other cryptocurrency within the top 20 listings. SHIB also remains the 11th most-popular cryptocurrency on Coinbase. 94% of trading activity surrounding SHIB on the exchange being to buy Shiba Inu.

Of course, SHIB’s Coinbase trading volume and holdings represent only a small portion of Shiba Inu activity. We don’t know exactly how many Coinbase users hold SHIB - the same for most exchanges.

• Read More: Shiba Inu dismisses rumour Shibarium could launch on September 30

According to CoinGecko, the various SHIB pairings on Coinbase make up around 6% of trading volume. In contrast, Binance’s trading volume is around 23%. ShibaSwap, meanwhile, represents just 0.33% of volume in the last 24 hours.

More in-depth data from Certik suggested that 25% of all SHIB addresses have held Shiba Inu for over a year. They also have an average wallet age of 10 months. Given Coinbase listed Shiba Inu roughly four months after its initial May 2021 breakout, these seem to match up with Coinbase’s typical hold time data, too.

While the reasons for holding do vary, many in the ShibArmy would point to the flurry of new projects coming as their own reasons for holding. Anticipation remains around the launch of Shibarium, alongside continuing SHIB burns and the Shiba Inu Metaverse.