This usually results from convictions or beliefs about long-term prospects of project
According to IntoTheblock data, Shiba Inu “hodlers,” referring to addresses that have held for more than a year, have displayed a positive 11.97% change in the last 30 days. The number of short- and medium-term holders, however, saw a decline throughout the same period.
In the context of buying and holding cryptocurrencies, the phrase “hodl,” a misspelling of “hold,” which means “hold on for dear life,” has become a catchphrase among cryptocurrency fans. “Hodling” signifies a long-term approach to cryptocurrency holding and usually results from convictions or beliefs about the long-term prospects of a project.
According to IntoTheBlock‘s data on holder composition by time held, 28% of SHIB holders have “hodled” their tokens for more than a year, 68% have held within a year and 4% have held onto their tokens for less than a month. Just a week ago, U.Today reported that the percentage of Shiba Inu “hodlers,” or long-term holders, was 27%.
Shiba Inu’s correlation with Bitcoin drops by 30%
Following its most recent surge, Shiba Inu is gradually decoupling from Bitcoin, as shown by the 30-day Bitcoin correlation index.
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Shiba Inu had significant market growth on Aug. 14, rising about 35% from lows of $0.0000126. On Aug. 15, Shib soared to a peak of $0.0000179 before retreating. Shiba Inu’s price was up 2% at the time of publication to $0.0000155.
According to IntoTheBlock statistics, Shiba Inu was showing a 0.62, or 62%, price correlation with Bitcoin, a drop of nearly 30%. U.Today previously reported this value to be 0.9, or 90%, in the past week.
A sustained decoupling from the Bitcoin market might signal that Shiba Inu’s price movement is unlikely to be dictated by the market’s general trend.
In the past day, SHIB was among the top 10 most purchased tokens among the 100 biggest ETH whales, per WhaleStats data. The analysis of the top 100 Shiba Inu holders by WhaleStats reflects a 509% increase in trading volumes and a 771.88% increase in netflow.