Investors remain confident in the Shiba Inu breed despite the recent market downturn, with the number of addresses keeping Shiba Inus for more than a year up 34,560 in six months.
Bitcoin (BTC) bearish readings continue to influence the price action of altcoins like the Shiba Inu (SHIB). For example, SHIB has fallen below $0.000016 for the first time since March 2024. The dog-themed token is trading at $0.00001553, down 65.48% from its March high of over $0.000045.
The number of addresses for Shiba Inu dogs aged 1 year and older increased by 3.47% in 6 months
Despite Shiba Inu’s recent setbacks, investor confidence in the token has not diminished.
Data from leading crypto analytics platform IntoTheBlock shows that the number of wallets holding SHIB for more than a year has increased over the past six months. According to the data, as of January 1, 2024, the number of addresses in this category was about 995,440.
Interestingly, this figure rose to 1.03 million on July 1, 2024. This means that the number of wallets holding SHIB for more than a year has increased by 34,560 (3.47%) in the last six months.
This also reflects the growing confidence of Shiba Inu investors as they patiently await a potential price surge for the token. As with most cryptocurrencies, market watchers have given positive outlooks for SHIB, with target price predictions of $0.0001 being discussed in the community.
The number of short-term SHIB traders is declining
Meanwhile, wallets holding SHIB for less than a year have declined over the period. For example, wallets holding SHIB for 1 to 12 months fell from 287,070 to 281,920, a decline of 5,120 or 1.79%.
Similarly, the number of addresses holding the token for less than 30 days has dropped from 35,180 on January 1 to 27,780 as of July 1. This means that the number of wallets in this tier has dropped by 7,400 over the past six months.
Investors Remain Confident in SHIB
While the recent market downturn has impacted the number of wallets holding SHIB for less than a year, investor appetite for the token remains high. Yesterday, a new wallet took advantage of the downturn to snatch up huge amounts of SHIB from Binance, the world’s largest exchange.
Crypto Basic reported that an anonymous crypto whale withdrew 583.7 billion SHIB worth $9.72 million from Binance yesterday.
At the time of publication, SHIB shares were trading at $0.00001553, down 8.3% daily, with a 24-hour trading volume of $283.58 million.
