The average Shiba Inu (SHIB) holding time of users on Coinbase is now over 6 months. Could this mean potential explosion for the popular meme token?
Shiba Inu surpassed 4 giant coins on hodl basis
Coinbase’s price sheet data showed that Shiba Inu investors did not move their wallets SHIB tokens for 183 days. This time exceeded the average hodl time for giant coins like Solana, Bitcoin, Cardano, and Ethereum. According to the crypto exchange’s statements, a long holding period indicates a tendency to accumulate. In contrast, a short holding period indicates increased token sales or transfer. According to Gfinity eSports data, the average wait time of SHIB has been increasing since Coinbase introduced the hold time feature on its platform.
Coinbase data also revealed that Shiba is among the 12 most popular cryptocurrencies. The exchange also shared that 94% of SHIB investors continue to buy more while the rest sell. It is important to note that Shiba Inu’s activities on Coinbase are only a small fraction of their total trading volume. The dog-themed crypto is also traded on other major exchanges, notably Binance.
SHIB grows stronger despite founder departure
Four months ago, the anonymous founder of Shiba Inu deleted all his social media profiles. He later left the Shiba Inu community. His exit was similar to when Bitcoin founder Satoshi Nakamoto left the Bitcoin community in December 2010. However, his departure did not break the faith of SHIB investors.
Since the founder’s departure, the SHIB community and developers are now responsible for running the business of the platform. They are developing new solutions that they plan to launch soon. SHIB: Metaverse and Shibarium, among others, are two popular solutions that they plan to launch soon.
Shibarium is a layer-2 Blockchain that SHIB investors can migrate to take advantage of lower transaction fees. Like other metaverses, SHIB: metaverse is a metaverse exclusive to the SHIB community. Members have now started buying land on this metaverse.
In addition, the developers of SHIB recently released the introduction of Shiba Eternity, a card game. This game is one of the projects that the SHIB community has been waiting for a long time to release. SHIB developers released a preview of Shiba Eternity during the game, following an announcement by Shiba Inu project leader Shytoshi Kusama.
Kusama previously announced that Vietnamese game players with iOS devices have accessed the test version of the game and the test was successful. Kusama also proposed various ideas for the SHIB community regarding Shiba Eternity. One of his suggestions was Shiba Eternity tournaments, which are prizes for tournament winners who are anything related to the SHIB ecosystem like SHIB tokens, BONE or NFTs. Many SHIB owners agreed that Kusama’s tournament idea was great and supported it.
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