Shiba Inu had an eventful April, with prices soaring by 40% in one day due to Robinhood listing and then plunging back to the important support level of $0.000023, wiping out all profits. Bulls were unable to maintain a price above the critical support, indicating that the purchasing momentum was short-lived.
The $0.000028 resistance was sharply rejected, and it is unlikely to be tried again anytime soon. The indicators are likewise bearish, and SHIB appears to be in a worse situation than the other altcoins, which are more likely to rally in the short term. At the time of writing the coin is trading at $0.00002296.
Shiba Inu, the longest held coin!
In 2021, there was a massive influx of meme coins into the cryptocurrency market. Only a handful of meme tokens have managed to preserve their market position.
The Shiba Inu (SHIB) emerged as the most popular meme coin in 2021, surpassing the king of cryptocurrency, Bitcoin (BTC).
According to recent data, cryptocurrency traders hold Shiba Inu and Cardano for the longest periods of time, with SHIB averaging 120 days. Shiba Inu token is one of the longest held cryptocurrencies by users, according to data from Coinbase.
Shiba Inu, according to the research, has a 120-day holding time, topping out its so-called counterpart Dogecoin. On the other hand, the most popular meme cryptocurrency, DOGE, has an 80-day hold time.
However, Bitcoin and Ethereum, the largest and second largest cryptocurrencies, have a hold duration of 115 and 87 days, respectively. Avalanche has the shortest hold period of the top ten coins by market capitalization, at just 36 days.
Cardano (ADA), on the other hand, has the longest hold time of 121 days. In the previous 30 days, the ADA coin has lost more than 30% of its value.
A long holding duration, according to Coinbase, is a signal of a market accumulation tendency. A short holding time, on the other hand, indicates that the tokens will travel across the wallet more frequently. Shiba’s holding span has reportedly improved dramatically over time as at the start of 2022, SHIB had a 51-day hold time.