Shiba Inu ($SHIB) the meme-inspired cryptocurrency swiftly gained popularity as the cryptocurrency market seemed to be recovering. The SHIBArmy actively promoted growing acceptance of the currency and continuously burning tokens.
As of this writing, $SHIB, along with the leading cryptocurrency Bitcoin ($BTC), Polygon ($MATIC), Solana ($SOL), and Gala ($GALA), is still one of the top trending digital assets this year, according to data from CoinMarketCap. On January 9, $SHIB was the top trending digital asset.
— Bravo (@initializable) January 9, 2023
Since the SHIBArmy has been adding 600 new wallets every day over the past several weeks, even in the midst of an ongoing bear market in the cryptocurrency realm, the cryptocurrency community expected that the price of Shiba Inu will increase by about 30% this month, as reported by CryptoGlobe.
The number has decreased from the about 1,500 new wallets holding $SHIB earlier this year as the slowdown in the cryptocurrency market has also been reducing trade volumes and retail investors’ interest in the field.
The median amount of time customers on Coinbase keep the meme-inspired cryptocurrency before selling it or moving it to an external address has crossed the 200-day mark, which is notable evidence that Shiba Inu investors aren’t planning a major sell-off.
A long hold period “signals an accumulating trend,” the cryptocurrency exchange says on its platform, while a short hold time “indicates the increasing movement of tokens.” Since the feature was added, Shiba Inu’s average hold time on the exchange has noticeably increased.
Shiba Inu is the platform’s 12th most popular cryptocurrency, according to the exchange’s price listings. Shiba Inu investors bet on the cryptocurrency’s price rising as the supply deflates due to its planned burn schedule and as adoption grows.