Metric analysis

This metric displays the confidence of SHIB holders

Tomiwabold Olajide

This usually results from convictions or beliefs about the long-term prospects of the project

According Intheblock According to the data, Shiba Inu hodlers, referring to addresses held for more than a year, showed a positive change of 11.97% over the past 30 days. However, the number of short- and medium-term holders has seen a decline throughout the same period.

In the context of buying and holding cryptocurrencies, the phrase “hodl,” a misspelling of “hold,” meaning “hold on for life,” has become a catchphrase among fans. of cryptocurrency. “Hodling” signifies a long-term approach to holding cryptocurrency and usually results from convictions or beliefs about a project’s long-term prospects.

InTheBlock
Shiba Inu owners by length of ownership, courtesy: InTheBlock

According InTheBlockAccording to the company’s data on the composition of holders by holding time, 28% of SHIB holders have “held” their tokens for more than a year, 68% have held their tokens for less than a year, and 4% kept their tokens for less than a month. Just a week ago, U.Today reported that the percentage of Shiba Inu “hodlers,” or long-term hoarders, was 27 percent.

Correlation between Shiba Inu and Bitcoin drops 30%

Following its latest push, Shiba Inu is gradually decoupling from Bitcoin, as shown by the 30-day Bitcoin Correlation Index.

Ads

Shiba Inu experienced significant market growth on August 14, rising around 35% from a low of $0.0000126. On August 15, Shib hit a high of $0.0000179 before pulling back. Shiba Inu price was up 2% at press time at $0.0000155.

According to statistics from IntoTheBlock, Shiba Inu had a price correlation of 0.62, or 62%, with Bitcoin, a decline of nearly 30%. U.Today previously reported that value was 0.9, or 90%, last week.

Sustained decoupling from the Bitcoin market could indicate that Shiba Inu’s price movement is unlikely to be dictated by the overall market trend.

Over the past day, SHIB was among the top 10 most bought tokens among the top 100 ETH whales, according to data from WhaleStats. Analysis of the top 100 Shiba Inu holders by WhaleStats reflects a 509% increase in trading volumes and a 771.88% increase in net flow.