Crypto

Bullish Indicator? Diamond Hands Dominate Shiba Inu Holder Base

Shiba Inu is among the cryptocurrencies in the market that is still getting enormous assistance in spite of the crypto winter season. The meme coin is still incredibly popular amongst financiers and its holder base continues to grow. A brand-new study on Twitter has actually proven the assistance for Shiba Inu, revealing that the huge bulk of SHIB holders remain in it for the long run.

Diamond Hands Dominate Shiba Inu

In a poll published by media outlet Cointelegraph on Twitter, the Shiba Inu neighborhood revealed their dedication to the digital property. The survey which asked which meme financial investments individuals were still keeping consisted of the similarity DOGE, AMC, GME, and naturally, SHIB. 

By the time the survey was over, the frustrating bulk had actually enacted favor of SHIB. This saw it vanquished its predecessor Dogecoin which is thought about the OG meme coin. 63.9% of the citizens stated they were still diamond-handing SHIB, 27.8% were holding DOGE, and 4.6% and 3.7% holding AMC and GME respectively.

Now, diamond-handing is the act of holding a possession for the long term even when the cost of the property was decreasing. This indicates that the financiers held these properties in spite of strong pressures and rewards to offer.

58% of SHIB holders are diamond hands | Source: IntoTheBlock

Data from IntoTheBlock likewise supports the survey results which reveal that 58% of all SHIB holders had actually hung on to their coins for more than one year. This is in spite of the low success margins of the financial investments and the huge bulk of financiers taping considerable losses.

Is This Bullish For SHIB?

Presently, the reality that there are a lot of Shiba Inu fans holding their coins for the long term is among the factors the cost of meme coins has not totally crashed. However, it is just a bullish case for the digital property when the next booming market rolls around.

SHIB will continue to follow the basic market drop and without any essential advancements taking place, there isn’t a strong bullish argument for the digital property, specifically in the short-term. It still trades are extremely low costs compared to its all-time high cost being more than 91% down ever since.

Shiba Inu (SHIB) price chart from TradingView.com

SHIB cost at $0.00000823 | Source: SHIBUSD on  TradingView.com

Nevertheless, the assistance for SHIB is still strong. The meme coin has actually crossed 3.6 million fans on Twitter, making it among the cryptocurrencies with the biggest following on the platform. Likewise, it is among the most followed cryptos on Coinmarketcap, including on more than 1.8 million watchlists, and Binance’s report for the year 2022 revealed it was the 3rd most-watched cryptocurrency on its platform for the year.

Featured image from Shiba Inu Analytics Insight, chart from TradingView.com



Michael Evans

Professional writer, editor, and producer with over a decade of experience. I'm an experienced editor who has written for a variety of publications, and I specialize in editing non-fiction articles, news, and business blogs.

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