Meme Token, Shiba Inu ($SHIB), Becomes the 2nd Most Popular Token on Coinbase After $ADA

Shiba Inu ($SHIB) is now the second longest-held token on Coinbase. The coin is only topped by Cardano ($ADA) among the top 20 coins on Coinbase rounding off an impressive month for the meme coin.

Apart from Shiba Inu ($SHIB) and Cardano ($ADA), the only other coin which was held for more than a hundred days was Bitcoin ($BTC). Bitcoin’s median hold time was 115 days, placing it at a cool 3rd position. 

Ethereum ($ETH) and Polkadot ($DOT) were both tied with 86 days of holding time. Dogecoin ($DOGE) comes right after with a median of 81 days. Solana  ($SOL) followed for 78 days, while Avalanche ($AVAX) was held for 36 days. $USDC and Tether ($USDT) were among the least, with 15 and 2 days respectively. 


SEE ALSO: Shiba Inu Most Sought After Coin on Robinhood Days After Listing


The balance held by addresses holding SHIB for over a year

Based on the data provided by Coinbase, here is the median hold time for the top 10 coins on the crypto exchange:

  • $ADA – 121 days
  • $SHIB – 119 days
  • $BTC – 115 days
  • $ETH – 86 days
  • $DOT – 86 days
  • $DOGE – 81 days
  • $SOL – 78 days
  • $AVAX – 36 days
  • $USDC – 15 days
  • $USDT – 2 days

According to Coinbase:

“Long hold time signals an accumulation trend. Short hold time indicates increased movement of tokens.” – Coinbase

Throughout 2022, Shiba Inu has seen a progressive increase in its hold period. Here are some stats about $SHIB in 2022 so far on Coinbase:

  • Average hold time at the start of the year was 51 days
  • By the end of January 2022, it had increased to 71 days
  • On March 19, 2022, $SHIB had been on hold for 100 days

On Coinbase, Shiba Inu has been very stable in terms of trading activity, with:

  • 65% towards buying
  • 35% towards selling

Cardano ($ADA) has had a tough time with its growth this year. A study found that a majority of ADA holders were at a loss. A reason for the token to be held for so long could be that traders are waiting to break even, or make a profit, before selling. 

The same could be said for Shiba Inu. The token has launched its burn portal and metaverse but both have done little to push the tokens price. 


RECOMMENDED READING: Cardano Launches Africa Blockchain Incubator with 9 Projects Onboarded


Thank you for your support by helping us create content:

BTC address: 3CW75kjLYu7WpELdaqTv722vbobUswVtxT

ERC20 Address: 0x03139524428e40E31f13909f8D994C915FB91277

SOL address: 9cC65AWFHj848kntcoyiT8av3jiRQEqyTTmBR1GvVUb


Follow us on Twitter for the latest posts and updates

Join and interact with our Telegram community


Subscribe to our YouTube channel below for more updates: