The meme-inspired cryptocurrency Shiba Inu ($SHIB) has been adding over 600 new holders per day so far this month, even amid an ongoing bear market in the cryptocurrency space that has now lasted for over a year.
According to data from Ethereum blockchain explorer Etherscan, as first spotted by Finbold, the number of unique addresses holding Shiba Inu on the blockchain has grown from around 1.251 million earlier this month to over 1.258 million at the time of writing. The figures show SHIB has been adding well over 600 new HODLers per day.
The figure is down from around 1,500 new wallets holding $SHIB earlier this year as the slowdown in the cryptocurrency space has also been affecting trading volumes and retail investors’ interest in the space.
Nevertheless, the number of SHIB holders has been growing even at a time in which the meme-inspired cryptocurrency’s price has been plunging along with that of other leading digital currencies, affected by the collapse of FTX, which hit investor confidence. Over the past 30 days, SHIB is down over 10%.
Notably, Shiba Inu investors have shown they aren’t planning on selling en masse, as the median time that users on Coinbase hold onto the meme-inspired cryptocurrency before either selling it or moving it to an external address has surpassed the 200-day mark.
The cryptocurrency exchange notes on its page that a long hold time “signals an accumulation trend” while a short hold time “indicates increased movement of tokens.” Shiba Inu’s typical hold time on the exchange has notably kept on rising since the feature was added.
Also read: How Much Shiba Has Been Burned? A Look at $SHIB token Burn Schedule
The exchange’s price pages further show that Shiba Inu is the 12th most popular cryptocurrency on the platform. Shiba Inu investors bet on the cryptocurrency’s supply deflating through its burn schedule for its price to increase, while adoption grows
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