Shiba Inu still attracting significant investors despite bearish market conditions
The Shiba Inu (SHIB) fell on Wednesday as its wild rally slowed. The Shiba Inu jumped 12% on November 1 as the dog-themed cryptocurrency surged on Elon Musk’s tweet. Tesla CEO Elon Musk tweeted a photo of a dog wearing a T-shirt with the Twitter logo emblazoned with the Halloween pumpkin.
Shiba Inu was a top gainer in late October as its price rose almost 55% to reach a high of $0.00001518 on Oct. 29. Bulls took a breather to resume an upward rise from Oct. 31 through Nov. 1 before exhaustion set in.
At the time of publication, SHIB was changing hands at $0.0000012, down 5% over the past 24 hours. The Federal Reserve is expected to make a big decision soon, and there is still leverage on the market, which could potentially lead to volatility in the cryptocurrency sector.
Shiba Inu sets record
Shiba Inu is still attracting significant investors despite bearish market conditions. According to WhaleStats data, Shiba Inu has set a new high in its holder count, presently at 1,233,301.
The composition of SHIB holders is witnessing a surprising change, as almost half of these asset holders are in it for a long period.
According to IntoTheBlock data, SHIB is currently recording its highest percentage of long-term holders, or “hodlers,” as it keeps setting new milestones in the metric. The percentage of long-term holders, or “hodlers,” has jumped to 45%, the highest so far, while that of midterm speculators continues to decline. Meanwhile, the percentage of short-term holders has held relatively steady.
According to data from IntoTheBlock on holder structure over time, 45% of SHIB holders have “hold” their tokens for more than a year, 51% have held within a year, and 3% have held a month. Holding on to your token for less than On October 26, U.Today reported the number of long-term holders to be 38%, meaning there was a significant increase in barely a week.
