On-chain data shows Shiba Inu has more than 75% of its holders dormant since more than a year ago. Here’s how Bitcoin and other coins compare.
Shiba Inu Compared Against Other Digital Assets In Long-Term Holders
In a new post on X, the market intelligence platform IntoTheBlock has discussed about how the various top coins in the cryptocurrency sector compare in terms of the percentage of long-term holders.
The analytics firm defines the “long-term holders” (LTHs) as the investors who have been holding onto their tokens since more than one year ago.
Statistically, the longer a holder keeps their coins dormant, the less likely they become to sell said coins. As such, the LTHs with their significant holding time would represent the side of the sector that’s the least likely to sell.
In other words, the supply held by these investors can be considered to essentially be frozen. Here is the chart shared by IntoTheBlock, that shows how this supply compares between the different top assets by market cap:
Looks like two coins have edged Shiba Inu out on this list | Source: IntoTheBlock on X
As displayed in the above graph, Litecoin (LTC) has topped the list in terms of this metric, with around 77.7% of its entire supply being locked in the wallets of the diamond hands. Chainlink (LINK) isn’t too far behind, with the indicator sitting at 77.5% for it.
The memecoin Shiba Inu (SHIB) also has a respectful value of the metric, with over three-quarters of its supply being in the control of the LTHs. Despite being the two largest assets by market cap, Ethereum (ETH) and Bitcoin (BTC) have lagged behind in the indicator, with it standing at 74.2% and 73.3%, respectively.
As mentioned before, the LTHs are resolute entities who are unlikely to part with their coins. As such, the stronger the dominance of this cohort, the stronger should be the theoretical supply crunch on any cryptocurrency.
Recently, the various coins in the sector have gone through a bull run followed by a crash, which is the type of volatility that can induce some selling from even the HODLers. The bull rally, especially, is probable to have forced some of these investors into taking their hard-earned profits.
Thus, the LTHs being this dominant for Shiba Inu and others despite all the volatility would suggest conviction is still strong around these assets.
SHIB Price
Shiba Inu, much like most of the cryptocurrency sector, has been unable to find any momentum to sustain a recovery run, as its price has only been sliding lower. At present, SHIB is trading around $0.0000125.
Below is a chart that shows how the memecoin’s trajectory has looked over the last three months.
Shiba Inu appears to have been riding a downtrend since a while now | Source: SHIBUSDT on TradingView
