With a market capitalization of $4.4 trillion, Shiba Inu is currently 18th in the rankings. However, in terms of popularity, the second-largest meme asset is a few steps ahead. On Coinbase, it is ranked 14th, as illustrated below.
In fact, Coinbase users transacting Shiba Inu have a fairly high holding period. At press time, the same was seen hovering around 214 days. This means an average user would wait for the said number of days before selling their holdings or sending them to another account or address. Usually, a longer holding period indicated that the accumulation trend is in play, and vice versa.
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Who is buying Shiba Inu?
Well, according to on-chain data, the number of holders [investment period: more than 1 year] and cruisers [investment period: 1-12 months] have been leaving the ecosystem of late. Over the past 30 days, for instance, they’ve dropped by nearly 3% and 6% respectively. Traders, on the other hand, have registered a swift 84% incline to 50,470.
However, their balance has been on the fall. From mid-June’s 45 trillion tokens, traders now hold only 25 trillion SHIB. This likely meant that they are selling. Contrarily, even though the number of holders and cruisers has shrunk, their balance has risen. The former set of participants has collectively added over 20 trillion SHIB to their holdings, while the latter has risen by almost a trillion tokens.
Usually, whenever traders enter the ecosystem, the volatility tends to rise. Now, even though new short-term participants have stepped into the ecosystem, SHIB’s price remained stagnant. It is because they are heavily outnumbered by mid and long-term investors [335,080 and 855,860 respectively].