As the cryptocurrency market appeared to be recovering, the meme-inspired cryptocurrency Shiba Inu ($SHIB) quickly became popular as the SHIBArmy pushed for further adoption and continued to burn tokens.
According to CoinMarketCap data, $SHIB was the most trending digital asset on January 9, and it is still one of the most trending assets this year, alongside the flagship cryptocurrency Bitcoin ($BTC), Polygon ($MATIC), Solana ($SOL), and Gala ($GALA).
According to CryptoGlobe, the cryptocurrency community predicted that the price of Shiba Inu would rise by around 30% this month, despite the fact that the SHIBArmy has been adding 600 new wallets per day over the last few weeks, despite the fact that the cryptocurrency market has been in a bear market for over a year.
The figure is down from around 1,500 new wallets holding $SHIB earlier this year, as the cryptocurrency market slowdown has also impacted trading volumes and retail investors’ interest in the space.
Notably, Shiba Inu investors have demonstrated that they do not intend to sell in large numbers, as the average time that Coinbase users hold onto the meme-inspired cryptocurrency before selling it or moving it to an external address has surpassed the 200-day mark.
According to the cryptocurrency exchange’s website, a long hold time “indicates an accumulation trend,” whereas a short hold time “indicates increased token movement.” Shiba Inu’s average hold time on the exchange has significantly increased since the feature was added.
