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

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. 

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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. 

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

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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. 

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

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Thank you for your support by helping us create content:

BTC address: 3CW75kjLYu7WpELdaqTv722vbobUswVtxT

ERC20 Address: 0x03139524428e40E31f13909f8D994C915FB91277

SOL address: 9cC65AWFHj848kntcoyiT8av3jiRQEqyTTmBR1GvVUb

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