The average period that customers on the Nasdaq-listed cryptocurrency exchange Coinbase keep the meme-inspired cryptocurrency Shiba Inu ($SHIB) before selling it or transferring it to an external address has now reached 250 days.
Shiba Inu investors on Coinbase now have a mean hold duration of 250 days, which is longer than the typical hold time of other prominent cryptocurrencies like as Bitcoin ($BTC), Ethereum ($ETH), Cardano ($ADA), and Solana ($SOL).
According to the cryptocurrency exchange’s website, a long hold time “indicates an accumulation trend,” and a short hold time “indicates increased token movement.” Shiba Inu’s average hold time on the exchange has significantly increased since the feature was enabled, according to Gfitnity Esports.
According to the price pages, Shiba Inu is the 11th most popular cryptocurrency on the market. It’s worth noting that Shiba Inu’s activity on the Nasdaq-listed exchange accounts for only a small portion of the meme-inspired cryptocurrency’s total activity, as it’s also available on other major cryptocurrency trading platforms such as Binance.
SHIB token holders may be holding onto the cryptocurrency because, between $0.000011 and $0.000014, around 250 trillion tokens worth more than $2.5 billion would become profitable, according to blockchain statistics. Diverse buyers purchased these tokens at an average price of around $0.000012.
This also suggests that the cryptocurrency may find significant resistance around current levels, as many holders may want to recoup their investment after seeing it back in the green.
Despite this, the meme-inspired cryptocurrency has witnessed a flurry of news, indicating that its development has not slowed. As previously reported by CryptoGlobe, BitPay, a renowned crypto payment processor, has announced that users can now purchase gold using the cryptocurrencies it accepts, including $SHIB.
Shibarium, the layer-2 network solution for the Shiba Inu environment, has made significant progress throughout its beta testing period. Puppynet, the network’s beta version, has exceeded the 14 million wallet mark barely four weeks after its reactivation with an upgraded Chain ID.
The Shibarium beta network now has over 14 million wallets, 4.6 million transactions, and over 500,000 blocks processed. These indicators indicate that the Shibarium beta network is undergoing extensive testing, which bodes well for its eventual deployment.
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