Shiba Inu ecosystem metrics are growing as new era is set to be ushered in through Shibarium mainnet launch.
The protocol is now recording more long term HODLers across the board.
Shiba Inu investors seem to have been reacting positively to the numerous projects and updates that have been released in the ecosystem in the past couple of months. These updates includes amongst many others a native SHIB hardware wallet and the upcoming mainnet launch of the Shibarium Layer-2 network.
According to some on-chain data, these investors have held on to the Shiba Inu token longer than expected. Specifically, data from IntoTheBlock confirms that in August, another 3,460 SHIB investors changed their status to become long-term hodlers.
For context, long-term hodlers are investors with wallet addresses that have been holding a particular token for at least a year without moving or selling them. Sometimes, some sources define them based on a 155-day threshold. Having their number increase is a clear sign of positive momentum.
The year started with only about 740,000 long-term investors for Shiba Inu, representing only 60.4% of the entire Shiba Inu wallet addresses. However, this new figure in August, which is only two weeks gone, confirms a bullish sentiment and has now raised the total number of long-term hodlers to an All-Time High (ATH) of 883,000.
Altogether, this represents 69.16% of the total SHIB wallet addresses making them the overwhelming majority in the SHIB ecosystem. Clearly, 143,000 long-term SHIB hodlers have been added in the last 8 months of 2023.
Concurrently, the surge in long-term investors has triggered a dip in short-term hodlers. On-chain data also showed that short-term traders fell from 50,760 which is only 4.14% to 47,530 approximately 3.76%.
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Shiba Inu Long-term Investors Fuels Ripple Effect
Overall, these figures have demonstrated that the network’s participants are very committed to the viability of the Shiba Inu ecosystem. They are also confident about the upcoming project in the ecosystem. Markedly, their stance is capable of impacting the price of Shiba Inu positively in the next couple of weeks.
The presence of long-term investors can help Shiba Inu maintain higher support levels as well as avoid sudden price drops. Moreso, it could boost other investors’ confidence and attract them into betting big into the ecosystem.
Already, whale investors have caught the fever and their transactions have now grown to reach a 6-month peak. IntoTheBlock data shows that the inflows from large holders jumped by more than 2,200%. By the end of Saturday, August 12th, Shiba Inu had seen 169 large transactions from whales (transactions worth more than $100,000). The last time such a significant buy was seen was about 7 months ago in February.
Shiba Inu is currently trading at $0.00001021 after losing 1.65% of its value in the last 24 hours. Still, investors are positive that the price will see a resurgence, especially with the coming of Shibarium and the growth in long-term hodlers underscoring buyer confidence.
Overall, the positive events aligned for the SHIB token may help usher in a return of the token to a price of $0.00025 in the long term.
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