Shiba Inu is demonstrating 211% rise in trading volumes
According to data from IntoTheBlock, SHIB is now seeing its highest percentage of long-term holders, setting a new milestone in the metric. The percentage of long-term holders, or “holders”, has risen to 38%, the highest ever, while the percentage of medium-term speculators continues to fall. Meanwhile, the percentage of short-term holders has remained relatively stable.
According to IntoTheBlock’s data on holder composition by time held, 38% of SHIB holders have “hodled” their tokens for more than a year, 59% have held within a year and 3% have held onto their tokens for less than a month.
Shiba Inu “hoddlers”, referring to addresses that have held SHIB for more than a year, have shown growth from barely 1% to over 38% holders, since early 2022.
Despite being significantly down from its peak, SHIB still draws a sizable number of investors. Shiba Inu currently has 1,230,662 holders, according to cryptocurrency data tracker WhaleStats, indicating that the number of SHIB holders has increased recently.
Shiba Inu trading volume jumps 211%
According to data from CoinMarketCap, the Shiba Inu is exhibiting a 211% increase in trading volume as the SHIB price gains traction.
At the time of publication, SHIB was changing hands at $0.00001047, up 5.50% in the last 24 hours. A close above $0.00001017 would make the SHIB price mark the second consecutive day in the green.
High volatility, most of the time, leads to an increase in trading volume for most crypto assets as traders buy and sell large amounts to capture profits.
Thus, the rise in SHIB volume may have been caused by investors accumulating SHIB in its current range.
