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SHIB Beats BTC, ETH, DOGE As Longest Held Crypto In Coinbase


KEY POINTS

  • The Shiba Inu dev team is expecting multiple projects to launch in 2022
  • The projects aim to add more utility to the meme coin
  • Shiba Inu was trading down 0.64% at $0.00002321

Shiba Inu, the token created to be an alternative to the world’s first-ever meme coin DOGE, has beaten Bitcoin, Ethereum, Dogecoin and Solana as one of the longest-held cryptos in Coinbase.

Compared to other cryptocurrency investors in the crypto exchange platform, Shiba Inu owners are less likely to sell their tokens fast. Based on the latest data from the platform, SHIB is one of the longest-held tokens, with 120 days of hold time, compared to Bitcoin’s 115 days, Ethereum’s 87 days, Dogecoin’s 80 days and Solana’s 78 days.

Aside from Cardano, which has a marginally higher typical hold time of 121 days, no coin in Coinbase’s top 20 cryptocurrencies in terms of market capitalization has a longer hold time than Shiba Inu. In March, the meme coin broke through the 100-day threshold of typical hold time on the platform.

This is quite an achievement — SHIB only had a typical hold time of 51 days at the start of this year and 71 days by the end of January.

But why is hold time important in crypto investing?

“Long hold time signals an accumulation trend. Short hold time indicates increased movement of tokens,” Coinbase explained. In short, more and more investors are accumulating Shiba Inu, which may have something to do with the meme coin’s increasing partnerships and collaborations and multiple projects planned launching this year to add more utility to the meme coin.

Holding refers to the buy-and-hold strategy where investors hold their assets for a certain period to profit from long-term value appreciation. Since cryptocurrency is a highly volatile investment, holding can offer more safety since investors won’t be exposed to short-term volatility and can help avoid the risk of buying high and selling low.

In essence, the holding strategy helps investors avoid short-term volatility loss and gain long-term value appreciation returns. In theory, this strategy is less risky compared to trading but investors using this strategy still need to consider the risk of changing regulations and the public’s perception.

Shiba Inu was trading down 0.64% at $0.00002321, with a 24-hour volume of $646,621,302, as of 12:56 a.m. ET on Thursday.

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