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.
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.