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Shiba Inu Held Longer On Coinbase Than Bitcoin, Ethereum, and DOGE

 

Shiba Inu Held Longer On Coinbase Than Bitcoin, Ethereum, and DOGE




Shiba Inu Coin currently has a longer median hold duration on Coinbase than the majority of the top 20 cryptocurrencies.


In terms of the average hold period, SHIB is held for 119 days, whereas Bitcoin is retained for 115 days. The additions to the Shiba Inu ecosystem, such as the Shiba Inu Metaverse and Shiba Burn Portal, appear to have had a favorable response among SHIB holders, which may have contributed to this.



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Only one coin in the top 20 has been held for longer than SHIB, so let's take a deeper look at what this says for SHIB.


Shiba Inu Hold Time


The median hold durations for some of the biggest cryptocurrencies, including Shiba Inu, are as follows, based on the most recent price data from Coinbase.


Cardano: 121 days

Ethereum: 86 days

Tether: 2 days

Bitcoin: 115 days

USDC: 15 days

Solana: 78 days

Polkadot: 86 days

Dogecoin: 81 days

Avalanche: 36 days

Shiba Inu: 119 days


Apart from Cardano, no currency in the top 20 cryptocurrencies by market capitalization has a longer average hold duration on Coinbase than SHIB.



Throughout 2022, SHIB's hold period has progressively increased. Its average hold time at the start of the year was 51 days. By the end of January, it had increased to 71 days. On March 19, it had been on hold for 100 days.





"Long hold time shows an accumulating tendency," Coinbase explains the significance of its hold times data. The increasing mobility of tokens is indicated by a short hold time."


SHIB has a somewhat stable level of trading activity on the market, with 65 percent of activity being bought and 35 percent being sold.


Naturally, this is merely a sample of Shiba Inu owners. SHIB is also held by millions of additional addresses on other exchanges, such as Binance, or in their own private wallets. According to Etherscan, there are 1,138,600 SHIB holders, down from over 1.2 million in March.

 

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