An astonishing 75% of Shiba Inu (SHIB) token holders have demonstrated unwavering faith in the token’s potential for growth by keeping their investments for over a year. This remarkable display of resilience and long-term vision signifies a significant shift in the cryptocurrency investment landscape, where patience and a forward-looking perspective are increasingly valued.
The average holding period for SHIB holders is an impressive two years, reflecting a trend towards longer-term investments in the crypto market. Despite the token experiencing a surge of over 92% in the past year, it still remains 74% below its all-time high. Currently, only 58.18% of holders are currently profiting.
Despite the fluctuating market conditions, SHIB holders have remained steadfast in their commitment. This loyalty is further highlighted by the notable increase in the number of tokens burned. Shibburn reports a staggering 25.92% increase in the daily burn rate, with a whopping 798.31 million tokens burned over the past week – a remarkable 289.36% jump.
However, Shiba Inu’s market performance has shown some weakness recently, with the price plummeting by over 50% since reaching a peak on March 5. It is currently trading at $0.00002246. There is a possibility that if the token fails to surpass resistance, it may drop back to the support level at $0.00002080, underscoring the risks associated with holding the token amidst its volatile market journey.