Shiba Inu (SHIB) investors continue to demonstrate unwavering confidence in the asset’s long-term potential despite its recent price downturn. On-chain data from IntoTheBlock confirms that SHIB holders now maintain their positions for an average of 2.8 years, a notable milestone that showcases deep conviction.
What the Holding Pattern Means for SHIB
According to IntoTheBlock’s latest insights, SHIB investors have now held onto their tokens for nearly three years. This duration represents more than half of Shiba Inu’s five-year lifespan and underscores a broader shift in investor behavior from speculative trading to long-term holding.
Notably, most of these holders entered the Shiba Inu ecosystem following its monumental price rally in 2021. During that period, SHIB skyrocketed to an all-time high of $0.00008845 on October 28, 2021. Inspired by the success stories of early adopters who saw massive gains, many new investors flocked to the token during the bull run.
Given this context, many of these investors are likely holding onto SHIB in anticipation of another breakout that could potentially surpass its previous highs. Their consistent holding behavior reflects not only hope but also a firm belief in the meme coin’s long-term value proposition.
SHIB Drops Below $0.000015 Amid Market Turmoil
While the holding data signals strong sentiment, Shiba Inu’s recent price activity has painted a more volatile picture. Amid a broader market correction, SHIB’s price slipped back below the $0.000015 mark, a level it had recently reclaimed on July 18.
Following this reclaim, the token continued to rally, eventually reaching a multi-month high of $0.00001596 just three days later. This surge propelled SHIB to the 18th position among global cryptocurrencies, reinforcing optimism among holders.
However, on July 23, a significant market-wide selloff triggered an abrupt reversal in Shiba Inu’s momentum. The token dropped to the $0.000013 territory and currently trades at $0.00001369 Its market capitalization sits at $7.99 billion, while the token has recorded a 24-hour loss of 7.86% and a 7-day drop of 4.76%.
This drop also pushed Shiba Inu down to the 20th position in the global crypto rankings, overtaken by Litecoin and Unus Sed Leo.
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Rising Losses Among SHIB Investors
As the price plunged, the number of SHIB holders in profit significantly decreased. Data from IntoTheBlock indicated that, as of yesterday, just 20% of Shiba Inu’s total supply remained profitable. Conversely, 75% of the supply, including tokens held in the project’s burn wallet, was considered “out of the money.”
At present, roughly 607,910 blockchain addresses remain profitable, collectively holding 168.88 trillion SHIB. This amount represents only 17.17% of the token’s total circulating supply.
In comparison, 814,490 wallet addresses hold approximately 786.79 trillion SHIB, accounting for 79.98% of the total supply, and are currently incurring losses. Meanwhile, just 38,540 addresses are breaking even, with a total of 28.1 trillion SHIB held between them.
Conclusion: Confidence Tested But Not Broken
Despite the recent downturn, the average hold time of 2.8 years suggests that Shiba Inu’s most loyal investors are not easily shaken. This extended holding period demonstrates not only belief in SHIB’s long-term prospects but also a resistance to fear-based selling.
However, as price pressure continues and more wallets slip into the red, even the most steadfast holders may find their conviction tested. Whether Shiba Inu’s fundamentals or a potential market recovery can reinvigorate bullish momentum remains to be seen, but for now, the SHIB community appears ready to wait it out.
