Shiba Inu Holders’ Conviction Grows Despite Recent Crash as Average Hold Time Tops 2.8 Years

On-chain data from IntoTheBlock shows that the average time Shiba Inu investors have been holding SHIB is nearly three years. 

Despite Shiba Inu’s latest price dip, investors remain confident about the asset’s long-term prospects, as reflected in its “average time held” metrics. New data from IntoTheBlock reveals that investors have been holding their SHIB tokens for an average of 2.8 years. 

Significance of Long-Term Holding 

This indicates that investors have been holding the token for more than half of Shiba Inu’s five-year history. The data reflects a shift from pure speculation to long-term conviction in Shiba Inu. 

Notably, most SHIB holders joined the Shiba Inu bandwagon after the big rally in 2021, which pushed the token’s price to $0.00008845 on October 28, 2021. Many adopted SHIB based on the success stories of the 2021 bull run, which transformed several early investors into overnight millionaires. 

Given this, some investors are awaiting the next big breakout that could potentially push SHIB to new heights. 

Shiba Inu Crashes to $0.000013  

Meanwhile, the recent market downturn dealt a heavy blow to Shiba Inu. The token dipped below the $0.000015 price territory once again.

For context, Shiba Inu initially surpassed $0.000015 on July 18 and subsequently rose to a multi-month high of $0.00001596 three days later. This rally saw Shiba Inu climb to the 18th place in the global crypto ranking. 

However, yesterday, the broader crypto market experienced an intense correction, as SHIB’s price slumped to the $0.000013 region. Shiba Inu also dropped to the 20th position in the crypto ranking, with Litecoin and Unus Sed Leo overtaking it. 

Currently, Shiba Inu is at $0.00001356, boasting a market cap of $7.99 billion. At the current price, it is down 9.67% over the past 24 hours and 6.42% over the past week. 

More Holders Incur Losses 

Amid the collapse, the number of investors sitting on profits dropped significantly. As of yesterday, 20% of Shiba Inu’s supply was said to be profitable, while 75% of the supply was “out of the money,” including those held in the burn wallet. 

Currently, approximately 607,910 blockchain addresses are profitable, holding a combined 168.88 trillion SHIB tokens, which represents 17.17% of Shiba Inu’s total supply.

In contrast, 814,490 addresses holding 786.79 trillion SHIB (79.98% of the supply) are still underwater. Only 38,540 addresses are currently at breakeven, with a combined 28.1 trillion SHIB.