The dog-themed cryptocurrency Shiba Inu (SHIB) has soared 1,948% on an on-chain indicator that measures the level of investor confidence and market sentiment.
The dog-themed cryptocurrency Shiba Inu (SHIB) has soared 1,948% on an on-chain indicator that measures the level of investor confidence and market sentiment.
The Traded Coin Holding Time Indicator In the block estimates the average amount of time coins are held before being traded or traded.
The average holding period of SHIB-traded coins has increased since February 26, demonstrating that favorable investor sentiment has grown alongside price increases. On March 3, the average transaction coin holding time for SHIB increased to two years. Meanwhile, the volume of these coins increased to 24.57 trillion SHIB.
Coins that are held for longer periods before trading may indicate that investors are optimistic about the long-term prospects of the market and are willing to hold their coins for an extended period.
On the other hand, if coins trade more frequently, it may imply that investors are more concerned about short-term gains and less confident in the market’s long-term prospects.
Shiba Inu price has been rising steadily since February 24, when it found support at $0.00000934, breaking out of a one-year consolidation range.
After a brief pause on March 3, Shiba Inu extended its weekly rise to reach intraday highs of $0.0000279 at press time. In the last seven days, SHIB’s market capitalization has increased more than 180% to $15.78 billion, now ranking as the 11th largest cryptocurrency.
At the time of writing, SHIB was maintaining its daily gains, up 24% in the last 24 hours to $0.000027. If today closes in green, Shiba Inu would mark nine of ten days of gains since February 24.
Chain analytics company feeling highlights that Shiba Inu had a volume increase of almost 3000% last week, due to increased prices and increased public interest.
