According to IntoTheblock data, Shiba Inu “hodlers” (addresses that have held the meme coin for more than a year) have shown a positive change of 11.97% in the last 30 days. However, there was a decline in the number of short- and medium-term holders over the same period.
“Hodling” refers to a long-term approach to cryptocurrency holding, and is often caused by beliefs or predictions about the long-term prospects of a project.
According to investor analysis data from IntoTheBlock, 28% of SHIB holders have “hodl” (holding) their meme coins for over a year, 68% have held it for a year, and 4% have held it for less than a month holding it in hand. Just a week ago, the percentage of Shiba Inu “hodlers” or long-term owners was 27%.
Shiba Inu’s correlation with Bitcoin drops 30%
After the recent price action, SHIB is gradually diverging from Bitcoin, as the 30-day Bitcoin correlation index shows. The Shiba Inu saw significant market growth on August 14, up about 35% from lows of $0.0000126. On August 15, SHIB rallied to a high of $0.0000179 before retracing.
According to IntoTheBlock statistics, the Shiba Inu shows a price correlation of about 0.62, or 62%, with Bitcoin. Last week, this value was reported as 0.9 or 90%.
The said divergence may indicate that the price action of the Shiba Inu is unlikely to be determined by the overall trend of the market.
Besides, SHIB was among the 10 most purchased tokens among the top 100 ETH whales, according to WhaleStats data.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.