Shiba Inu is the Second Longest Held Token on Coinbase; Which one is 1st?

Paigambar Mohan Raj
Source: Pexels

Shiba Inu (SHIB) is now the second longest-held token on Coinbase. The popular coin is only topped by Cardano (ADA), among the top 20 coins on Coinbase.

This development can most likely be attributed to the launch of SHIB: The Metaverse and the Shiba Inu burn portal. Both of these developments have helped SHIB in pushing its popularity and further growing its reach.

Based on the data provided by Coinbase, ADA had a median hold time of 121 days, while SHIB was held for 119 days.

Apart from Shiba Inu (SHIB) and Cardano (ADA), the only other coin which was held for more than a hundred days was none other than the original cryptocurrency, Bitcoin (BTC). Bitcoin’s median hold time was 115 days, placing it at a cool 3rd position.

Ethereum (ETH) and Polkadot (DOT) were both tied with 86 days of holding time. Dogecoin (DOGE) comes right after with a median of 81 days. Solana (SOL) followed for 78 days, while Avalanche (AVAX) was held for 36 days. USDC and Tether were among the least, with 15 and 2 days respectively.

Throughout 2022, Shiba Inu has seen a progressive increase in its hold period. Its average hold time at the start of the year was 51 days. By the end of January, it had increased to 71 days. On March 19, it had been on hold for 100 days.

Coinbase stated,

“Long hold time signals an accumulation trend. Short hold time indicates increased movement of tokens.”

On Coinbase, Shiba Inu has been very stable in terms of trading activity, with 65% of activity being towards buying and 35% towards selling.

Cardano (ADA) has had a tough time with its growth this year. A study found that a majority of ADA holders were at a loss. A reason for the token to be held for so long could be that traders are waiting to break even, or make a profit, before selling.

The same could be said for Shiba Inu. The token has launched its burn portal and metaverse. But both have done little to push the tokens price.

At press time, Shiba Inu was trading at $0.00002315.