Steadfast Support: Shiba Inu Holders Demonstrate Resilience Through Long-Term Commitment

April 18, 2024

Shiba Inu holders have exhibited remarkable resilience and steadfast commitment to SHIB, with a significant majority retaining their holdings for over a year amid a volatile market. This not only reflects an enduring investment pattern but also underscores the unwavering dedication of the Shib Army to this dog-themed altcoin, which began as a meme coin but has since evolved into a formidable movement.

The Shib Army, a term affectionately used to describe the enthusiastic community of Shiba Inu supporters and holders, exemplified what crypto enthusiasts refer to as “diamond hands.” This term is used in the investment world to describe individuals who hold onto their assets through volatility, showing a strong commitment to their investments regardless of market uncertainties.

Data from IntoTheBlock, a leading data science company, provided a deeper look into this holding pattern. The average holding period for Shiba Inu stretches impressively to two years, signifying substantial loyalty among its investors.

Despite the challenging market conditions where only 58.18% of holders are currently “in the money,” meaning they hold their SHIB at a profit, the majority remain steadfast. This enduring commitment by holders helped stabilize SHIB’s market position, preventing potential crashes despite ongoing market fluctuations.

Further affirming the community’s dedication, a poll conducted by Cointelegraph a couple of years ago, asked followers which meme investments they continued to support. The results were telling: 63.9% of respondents affirmed their ongoing support for SHIB, surpassing Dogecoin (27.8%), and significantly ahead of stocks like AMC (4.6%) and GME (3.7%).

This poll not only highlighted SHIB’s dominant position in the meme investment landscape but also reinforced the strong, diamond-hand sentiment within its community.

It is worth noting that the strength of the Shib Army goes beyond just holding patterns. Shiba Inu’s significant online presence with over 3.6 million followers on Twitter and high engagement on platforms like Coinmarketcap, where it features on more than 1.8 million watchlists, underscores its popularity. Additionally, a 2022 report from Binance revealed SHIB as the third most-watched cryptocurrency on its platform, reflecting a widespread and active interest in the coin.

Social intelligence company LunarCrush revealed last week that Shiba Inu experienced an astounding surge in total social interactions, with an impressive 12,854% increase, accompanied by a nearly 400% upswing in trading volume. In just six months, the platform observed remarkable spikes in various crucial metrics: a staggering 30,743% rise in content creators discussing SHIB, a remarkable 96,655% jump in posts about SHIB receiving interactions, and a significant 12,854% boost in total interactions.

As of 9:43 a.m. ET on Thursday, Shiba Inu (SHIB) was trading at $0.00002219, accompanied by a 24-hour trading volume of $573,817,226. This reflects a slight 0.19% decline over the past 24 hours, a more significant 19.36% drop over the last seven days, and a 19.95% decrease over the past 30 days.

Despite these fluctuations, SHIB’s market capitalization experienced a modest 0.11% increase, reaching $13,056,816,498. This is based on a circulating supply of 589,289,410,812,691 SHIB tokens, according to the latest data from CoinMarketCap.

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