The average period for customers on Nasdaq-listed cryptocurrency exchange Coinbase to store the meme-inspired Shiba Inu cryptocurrency ($SHIB) before selling it or transferring it to an external address has now reached 250 days.
Shiba Inu investors on Coinbase now have an average hold duration of 250 days, which is longer than the typical hold time of other leading cryptocurrencies such as Bitcoin ($BTC), Ethereum ($ETH), Cardano ($ADA), and Solana ($SOL). .
According to cryptocurrency exchange websites, long hold times “indicate an accumulation trend,” and short hold times “indicate an increase in token movement.” Shiba Inu’s average hold time on exchange has increased significantly since the feature was enabled, according to Gfitnity Esports.
According to the pricing page, Shiba Inu is the 11th most popular cryptocurrency on the market. It should be noted that Shiba Inu activity on Nasdaq-listed exchange accounts is only a small fraction of the total meme-inspired cryptocurrency activity, as this activity is also available on other major cryptocurrency trading platforms such as Binance.
Holders of SHIB tokens may hold cryptocurrency because, between $0.000011 and $0.000014, some 250 trillion tokens worth more than $2.5 billion will become profitable, according to blockchain statistics. Diverse buyers purchase these tokens at an average price of around $0.000012.
It also suggests that the cryptocurrency may find significant resistance around its current levels, as many holders may want to recoup their investments after seeing it turn green again.
Nonetheless, the meme-inspired cryptocurrency has seen a lot of news, showing that its development is not slowing down. As previously reported by CryptoGlobe, BitPay, a well-known crypto payment processor, has announced that users can now buy gold using any cryptocurrency it accepts, including $SHIB.
Shibarium, a layer-2 networking solution for the Shiba Inu environment, has made significant progress during the beta testing period. Puppynet, the beta version of the network, has crossed the 14 million wallet mark nearly four weeks after reactivation with the upgraded Chain ID.
The Shibarium beta network now has over 14 million wallets, 4.6 million transactions, and over 500,000 blocks processed. These indicators indicate that the Shibarium beta network is undergoing extensive testing, which bodes well for its eventual deployment.