As the cryptocurrency market seemingly started recovering, the meme-inspired cryptocurrency Shiba Inu ($SHIB) quickly started trending as the SHIBArmy pushed for further adoption of the cryptocurrency and kept burning tokens.
According to CoinMarketCap data, $SHIB was the top trending digital asset on January 9, and at the time of writing is still one of the largest trending assets so far this year, along with the flagship cryptocurrency Bitcoin ($BTC), Polygon ($MATIC), Solana ($SOL), and Gala ($GALA).
As CryptoGlobe reported, the cryptocurrency community predicted the price of Shiba Inu would rise by around 30% this month, at a time in which the SHIBArmy has been adding 600 new wallets per day over the last few weeks, even amid an ongoing bear market in the cryptocurrency space that has now lasted for over a year.
The figure is down from around 1,500 new wallets holding $SHIB earlier this year as the slowdown in the cryptocurrency space has also been affecting trading volumes and retail investors’ interest in the space.
Notably, Shiba Inu investors have shown they aren’t planning on selling en masse, as the median time that users on Coinbase hold onto the meme-inspired cryptocurrency before either selling it or moving it to an external address has surpassed the 200-day mark.
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: How Much Shiba Has Been Burned? A Look at $SHIB token Burn Schedule
The exchange’s price pages further show that Shiba Inu is the 12th most popular cryptocurrency on the platform. Shiba Inu investors bet on the cryptocurrency’s supply deflating through its burn schedule for its price to increase, while adoption grows
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