Shiba Inu Coin now has a median hold time on Coinbase than most other cryptocurrencies in the top 20.
Looking at the typical hold time, SHIB is held for 119 days, compared to Bitcoin’s hold time of 115 days. The Shiba Inu ecosystem's expansions, through the Shiba Inu Metaverse and Shiba Burn Portal, seem to have gained a positive reaction from SHIB holders, possibly contributing to this.
With only one coin in the top 20 being held for longer than SHIB, here’s a closer look at what this means for the currency.
Shiba Inu Hold Time
Based on the latest price data for Coinbase, the median hold times for some of the top cryptocurrencies, including Shiba Inu, are as follows.
- Bitcoin: 115 days
- Ethereum: 86 days
- Tether: 2 days
- USDC: 15 days
- Solana: 78 days
- Cardano: 121 days
- Dogecoin: 81 days
- Avalanche: 36 days
- Polkadot: 86 days
- Shiba Inu: 119 days
Aside from Cardano, no coin inside the top 20 cryptocurrencies by market cap has a longer typical hold time than SHIB on Coinbase.
The hold time of SHIB has been gradually increasing throughout 2022. At the start of the year, its typical hold time was 51 days. It then jumped to 71 days by the end of January. It reached a 100 day hold time on March 19.
Explaining the significance of its hold times data, Coinbase states: “Long hold time signals an accumulation trend. Short hold time indicates increased movement of tokens.”
On the exchange, SHIB remains at a somewhat steady level of trading activity, with 65% of activity being buying the token, compared to 35% selling.
Of course, this is only a snapshot of Shiba Inu’s holders. Millions of other addresses own SHIB across other exchanges such as Binance, or in their own private wallet. According to Etherscan, there are 1,138,600 holders of SHIB - still a drop from the near 1.2m holders in March.