Investor sentiment towards Shiba Inu remains robust despite the prevailing market slump, as evidenced by a significant 34,560 increase in the number of addresses holding SHIB for over a year within a six-month span.
The downtrend in Bitcoin’s (BTC) value has adversely affected the pricing dynamics of alternative cryptocurrencies, including Shiba Inu (SHIB). Notably, SHIB’s value plummeted below $0.000016 for the first time since March 2024, currently trading at $0.00001553, which marks a 65.48% decrease from its March peak of over $0.000045.
**1-Year-Plus Shiba Inu Address Count Jumps by 3.47% in Half a Year**
Contrary to Shiba Inu’s recent price struggles, investor trust in the cryptocurrency remains unshaken.
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Recent data from the prominent cryptocurrency analytics firm IntoTheBlock reveals a growth in the number of wallets holding SHIB for more than a year. As of January 1, 2024, approximately 995,440 addresses fell into this category.
**1-Year-Plus SHIB Addresses**
Remarkably, this number climbed to 1.03 million by July 1, 2024, indicating a 3.47% increase, or 34,560 additional long-term SHIB holders, over the last six months.
**1-Year-Plus SHIB Addresses**
This uptick also mirrors the escalating confidence among investors in Shiba Inu, as they await an anticipated uptick in the token’s value. Market analysts remain optimistic about SHIB, with community discussions often citing a potential rise to $0.0001.
**Decline Observed in Short-Duration SHIB Holdings**
Concurrently, the count of wallets holding SHIB for shorter durations has seen a decline. Specifically, the number of wallets holding the token for a period ranging from 1 to 12 months dipped from 287,070 to 281,920, a decrease of 5,120 or 1.79%.
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In a similar vein, the quantity of addresses possessing SHIB for less than 30 days dwindled from 35,180, as recorded on January 1, to 27,780 by July 1, marking a reduction of 7,400 in the span of six months.
**Unwavering Investor Confidence in SHIB**
Despite the market downturn affecting short-term SHIB holders, the enthusiasm for the cryptocurrency remains high. Recently, a new wallet capitalized on the market dip to acquire a substantial volume of SHIB from Binance, the leading global exchange.
The Crypto Basic reported that an unidentified cryptocurrency enthusiast withdrew a staggering 583.7 billion SHIB from Binance, valued at $9.72 million.
As of the latest update, SHIB is being traded at $0.00001553, experiencing an 8.3% drop within the day and a 24-hour trading volume standing at $283.58 million.
**Disclaimer:** The information presented here is for educational purposes and should not be taken as investment advice. The opinions expressed are solely those of the author and do not represent the views of The Crypto Basic. Readers should conduct comprehensive research prior to making any investment choices. The Crypto Basic assumes no liability for any financial losses incurred.
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