This usually results from convictions or beliefs about long-term prospects of project
According to IntoTheblock data, Shiba Inu “hodlers,” have displayed a positive 11.97% change over the past 30 days, referring to addresses that are more than a year old. However, the number of short- and medium-term holders saw a decline during the same period.
In the context of buying and holding cryptocurrencies, the phrase “hodl,” a misspelling of “hold,” which means “hold on for dear life,” has become a catchphrase among cryptocurrency fans. “Hodling” signifies a long-term approach to cryptocurrency holding and usually results from convictions or beliefs about the long-term prospects of a project.
According to IntoTheBlock’s data on holder structure over time, 28% of SHIB holders have “hold” their tokens for more than a year, 68% within a year and 4% have held their tokens for less than a month. kept for the time being. Just a week ago, U.Today reported that the percentage of Shiba Inu “hodlers,” or long-term holders, stood at 27%.
Shiba Inu’s correlation with Bitcoin drops by 30%
Following its most recent surge, Shiba Inu is gradually decoupling from Bitcoin, as shown by the 30-day Bitcoin correlation index.
The Shiba Inu registered a significant rise in the market on August 14, rising almost 35% from a low of $0.0000126. On August 15, Shibb climbed to a peak of $0.0000179 before retreating. At the time of publication the price of the Shiba Inu had increased by 2% to $0.00000155.
According to IntoTheBlock statistics, Shiba Inu was showing a 0.62, or 62%, price correlation with Bitcoin, a drop of nearly 30%. U.Today previously reported this value to be 0.9, or 90%, in the past week.
Continued disengagement from the bitcoin market may indicate that the price movement of the Shiba Inu is unlikely to be determined by the general trend of the market.
In the past day, SHIB was among the top 10 most purchased tokens among the 100 biggest ETH whales, per WhaleStats data. The analysis of the top 100 Shiba Inu holders by WhaleStats reflects a 509% increase in trading volumes and a 771.88% increase in netflow.
