The average holding period for memecoin SHIB on the Coinbase exchange has now reached 250 days. This metric estimates how long it takes to hold a cryptocurrency before selling it or moving it to an off-market address.
According to data from Coinbase’s price page, the typical Shiba Inu investor’s holding period on the platform is currently 250 days, higher than other major cryptocurrencies such as BTC, ETH, ADA and SOL.
The exchange notes on its page that long-term holdings “indicate an accumulation trend,” while short-term holdings “indicate increased token movement.” As reported by Gfitnity Esports, the average holding time of SHIB on exchanges has increased significantly since adding this feature.
The exchange’s price page further reveals that SHIB is the 11th most popular cryptocurrency on the platform. Note that Shiba Inu’s activity on the exchange represents only a small fraction of the total activity of the meme-inspired cryptocurrency, as it is also listed on other major exchanges, including Binance.
Holders of SHIB are likely to hold as there are roughly 250 trillion tokens worth over $2.5 billion that will generate returns of $0.000011 to $0.000014. Blockchain data shows that the tokens were bought by many investors at an average price of about $0.000012.
It also means that prices will face strong resistance around these levels, as many holders may want to recoup their investment after turning green.
However, the meme-inspired cryptocurrency has seen a flurry of news suggesting its development is far from over. Leading cryptocurrency payment processor BitPay has reportedly announced that customers can now buy gold using their supported coins, including SHIB.
In other news, the Shibarium layer 2 networking solution for the Shiba Inu ecosystem has made impressive progress in beta testing. Puppynet, a beta version of the network, surpassed 14 million wallets just 4 weeks after developers restarted it with an updated Chain ID.
The Shibarium beta network currently has a total of over 14 million wallets, processed 4.6 million transactions and approximately 500,000 blocks. These numbers indicate that the Shibarium beta network is undergoing extensive testing. This bodes well for upcoming products.
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According to Cryptoglobe