The meme cryptocurrency Shiba Inu (SHIB) is showing signs of life. Investor interest in HODLing – crypto slang referring buy and hold for long-term – is a sign of green shoots.
According to data from blockchain analytics firm IntoTheBlock, the number of addresses that have been holding the self-described dogecoin killer for over a year has jumped by a remarkable 1,900% to 3,750 in January. The number of addresses that hold the dogecoin killer for less than a month, or “traders”, has fallen by 38% to 49.790.
Long-term investors have increased their balance by 127% to $27.93 trillion over the same time period. In the last 30 days, the tally has risen 57%.
Since January, the balance held by “cruisers,” addresses that have a holding period of 1 to 12 months, has fallen by 2%. However, the number of coins owned by traders has increased by 40% to $32 trillion.
A slight shift toward HODLing may be a positive development for the cryptocurrency. It is often criticized as being a gamblers’ darling. Analysts see a rise in SHIB’s value as a sign that the crypto bull market is nearing its end and froth.
“SHIP hodlers are unfazed, accumulated over the past weeks, and it’s paying off today with today’s Robinhood Announcement,” IntoTheBlock stated in a Telegram broadcast.
The popular trading platform Robinhood published shiba Inu on Tuesday. This opened up the possibility for the roughly 17 million users to gain exposure to this volatile cryptocurrency. According to Data from Charting Platform TradingView, SHIB surged nearly 22% Tuesday. This was the largest single-day percentage gain since February 6, according to TradingView.
Although the bulls welcome the accumulation of holders in the recent dour price action, it still only accounts for 5% of total circulating supply at 549 trillion. According to IntoTheBlock, “Cruisers”, addresses that have held the address for between one and twelve months, own over 93% of the supply.
It will be a while before SHIB is freed from its image as a cryptocurrency that has been dominated by speculators. Although addresses-based metrics can be used to track investor activity, they aren’t perfect indicators. One entity can have multiple addresses, and his coin stash can be kept in many wallets.
