Shiba Inu (SHIB) increased its gains in the early Monday session, reaching a six-week high of $0.00001416, last reached in late May. As the Shiba Inu price trades higher, a time indicator has flashed a 783% spike, catching the attention of the market.
According to IntoTheBlock data, the holding time of transacted SHIB coins has skyrocketed by 783% in the last seven days, indicating a shift in market behavior and investor sentiment. This indicator measures the average amount of time coins are held before being transacted or traded.
The holding time of transacted coins indicator might provide valuable insights regarding investor confidence and market sentiment. When this metric rises, as it has for SHIB, it might mean that holders are hesitant to sell their tokens, frequently anticipating future price appreciation or increased utility within the ecosystem.
card
If coins are traded more frequently, it could imply that investors are more interested in short-term gains. Coins that are held for longer lengths of time before being traded may indicate that investors are confident in the market's long-term prospects and are willing to keep their coins for a longer period.
Bigger picture
According to IntoTheBlock data, the average time Shiba Inu is held is 2.8 years, based on the "average time token is held" indicator, which simply estimates the average holding term for a crypto asset.
This is derived by averaging the holding times of all addresses before transferring (or selling) Shiba Inu. This figure is put in perspective with the length of time that this crypto asset has been around.
Shiba Inu tokens being held on average for 2.8 years out of the nearly five years they have existed suggests that SHIB traders have a relatively long-term outlook.
At press time, SHIB was up 5.68% in the last 24 hours to $0.00001387 and up 18% weekly.
