The on-chain transaction volume of the meme-inspired cryptocurrency Shiba Inu ($SHIB) has dropped to a 12-month low at a time in which the number of HODLers keeps on growing, suggesting SHIB token owners aren’t selling even as prices dwindle.
According to data from analytics platform Bloxy, first spotted by Finbold, in April 2022, there were around 213,000 SHIB transactions recorded on-chain, down from an all-time high of 1.38 million in October of last year.
The 213,000 figure represents a 12-month low for the meme-inspired cryptocurrency, which in March 2021 saw a volume of 37,000 transactions on-chain. According to CryptoCompare data, in March of last year, SHIB wasn’t a well-known token, and its popularity exploded throughout the year.
While during the summer of 2021 it was trading at $0.0000088, by October its price had exploded to $0.00008, before entering a months-long downtrend. At the time of writing, SHIB is changing hands for $0.00002.
Data from Etherscan shows that the number of SHIB token holders has nevertheless kept on growing to now stand at 1.14 million. As CryptoGlobe reported, the number of SHIB holders went over 900,000 back in November when the price of the cryptocurrency was already plunging.
On-chain data seems to show that SHIB token holders aren’t selling even as prices plunge. The data is backed by information from Coinbase, which shows strong accumulation trends for both SHIB and Cardano’s ADA.
As CryptoGlobe reported, data from Coinbase’s price pages showed Ada’s typical hold time was of 121 days, while SHIB’s typical hold time was 120 days, meaning users on the platform hold onto these assets for over four months before “selling or sending to another account or address.”
According to the cryptocurrency exchange, a long hold time “signals an accumulation trend,” while a short hold time “indicates increased movement of tokens.”
While most SHIB holders have seemingly been unfazed by the market downtrend, some have sent billions of tokens to the newly launched burn portal to remove SHIB from circulation and earn rewards while doing so. Over $500,000 worth of SHIB have already been burned.
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