Investors remain confident in Shiba Inu despite the recent market downturn, with addresses holding SHIB for over a year surging by 34,560 in six months.
Bitcoin’s (BTC) bearish performance has continued to impact the price actions of altcoins such as Shiba Inu (SHIB). For instance, SHIB crashed below $0.000016 for the first time since March 2024. The dog-themed token is changing hands at $0.00001553, down 65.48% from its March high of over $0.000045.
1Y+ Shiba Inu Addresses Soars 3.47% in 6 Months
Despite Shiba Inu’s recent underperformance, investors’ confidence in the token has not diminished.
Data from leading crypto analytics platform IntoTheBlock shows that the number of wallets holding SHIB for over a year has increased over the past six months. According to the data, the addresses in this category were around 995,440 as of January 1, 2024.
1Y+ SHIB Addresses
Interestingly, the figure increased to 1.03 million on July 1, 2024. This suggests that wallets holding SHIB for over a year have increased by 34,560 (3.47%) over the past six months.
1Y+ SHIB Addresses
It also reflects investors’ growing confidence in Shiba Inu as they patiently anticipate a potential price surge for the token. Like most cryptocurrencies, market watchers have issued positive predictions for SHIB, with projections of $0.0001 target making rounds within the community.
Number of Short-Term SHIB Traders Declines
Meanwhile, wallets holding SHIB for less than a year have declined during this period. For instance, wallets holding SHIB between 1 and 12 months slumped from 287,070 to 281,920, marking a 5,120 or 1.79% decrease.
Similarly, addresses holding the token for less than 30 days reduced from 35,180, recorded on January 1, to 27,780 on July 1. This suggests that this tier of wallets have plunged by 7,400 over the past six months.
Investors Remain Confident in SHIB
Although the recent market downturn has impacted the number of wallets holding SHIB for less than a year, investors’ appetite for the token is still high. Yesterday, a fresh wallet took advantage of the dip to scoop massive amounts of SHIB from Binance, the world’s largest exchange.
The Crypto Basic reported that the anonymous crypto whale withdrew 583.7 billion SHIB from Binance yesterday, worth $9.72 million.
At press time, SHIB was changing hands at $0.00001553, with a daily decline of 8.3% and a 24-hour trading volume of $283.58 million.
