Shiba Inu ($SHIB) HODLers’ Median Hold time on Coinbase Nears 200 Days
The median time that users on Coinbase hold onto the meme-inspired cryptocurrency Shiba Inu ($SHIB) before either selling it or moving it to an external address is now reaching the 200-day mark.
According to data from Coinbase’s price pages, the typical hold time for Shiba Inu investors on the platform is now 198 days, above the typical hold time of other major cryptocurrencies including Bitcoin ($BTC), Ethereum ($ETH), Cardano ($ADA), and Solana ($SOL).
The cryptocurrency exchange notes on its page that a long hold time “signals an accumulation trend” while a short hold time “indicates increased movement of tokens.” Shiba Inu’s typical hold time on the exchange has notably kept on rising since the feature was added.
Also read: Who Created Shiba Inu ($SHIB)?
The exchange’s price pages further show that Shiba Inu is the 12th most popular cryptocurrency on the platform, and that out of its users trading in the meme-inspired token, 91% are buying, while only 6% are divesting their holdings.
As CryptoGlobe reported, the community behind the meme-inspired cryptocurrency has recently seen the launch of its collectible card game Shiba Eternity, and appears to be enjoying it.
The game has so far amassed a 4.6 rating out of 5 on the Google Play store, with over 11,000 users reviewing the game since launch. On Apple’s app store, the game so far has a 4.8 rating out of 5. Below is a trailer for Shiba Eternity.
According to the developers, 5% of the game’s profit will be used to burn Shiba Inu tokens, in an effort to further reduce the cryptocurrency’s circulating supply. The SHIBArmy has for long used token burns to reduce supply, in a bid to help SHIB’s price rise if demand grows.
As CryptoGlobe reported, late last month SHIB’s burn rate surged by 100% to reach 61 million SHIB in just 24 hours, at a time in which Ethereum ($ETH) whales joined the movement and helped burn tokens.
The meme-inspired cryptocurrency community has organized several methods to generate revenue and burn SHIB, including through an Amazon affiliates program and through music playlists the community listens to.
It’s worth pointing out that Shiba Inu’s activity on the Nasdaq-listed exchange represents a fraction of the meme-inspired cryptocurrency’s total activity, as it’s listed on other major cryptocurrency trading platforms including Binance.
Image Credit
Featured Image via Pixabay
