The median hold time that users on the Nasdaq-listed cryptocurrency exchange Coinbase hold onto the meme-inspired cryptocurrency Shiba Inu ($SHIB) before either selling it or moving it to an external address, has now reached 250 days.
According to data from Coinbase’s price pages, the typical hold time for Shiba Inu investors on the platform is now 250 days, above the typical hold time of other major cryptocurrencies including Bitcoin ($BTC), Ethereum ($ETH), Cardano ($ADA), and Solana ($SOL).
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, s Gfitnity Esports reports.
The exchange’s price pages further show that Shiba Inu is the 11th most popular cryptocurrency on the platform. It’s worth pointing out that Shiba Inu’s activity on the Nasdaq-listed exchange represents a fraction of the meme-inspired cryptocurrency’s total activity, as it’s listed on other major cryptocurrency trading platforms including Binance.
SHIB token holders may be holding onto the cryptocurrency because between $0.000011 and $0.000014, around 250 trillion tokens, worth over $2.5 billion, will turn profitable, as blockchain data shows these tokens were purchased by various investors at an average price around $0.000012.
This also means that the cryptocurrency will face stiff resistance around these levels, as many holders may be looking to simply recoup their investment after seeing it in the green again.
The meme-inspired cryptocurrency has nevertheless seen a flurry of news suggesting its development hasn’t stopped. As CryptoGlobe reported BitPay, a leading crypto payment processor, has announced that customers can now buy gold with the cryptocurrencies it supports, including $SHIB.
Also read: Who Created Shiba Inu ($SHIB)?
In other news, Shibarium, the layer-2 network solution for the Shiba Inu ecosystem, has made impressive strides during its beta-testing phase. Puppynet, the network’s beta version, has surpassed the 14 million wallet threshold just four weeks after the developers relaunched it with an updated Chain ID.
The Shibarium beta network now boasts a total of over 14 million wallets, with 4.6 million transactions and around 500,000 blocks processed. These metrics suggest considerable testing is being conducted on the Shibarium beta network, which bodes well for its potential launch.