Shiba Inu, the second-largest meme coin in the crypto ecosystem, has witnessed a massive spike in its popularity among long-term holders. SHIB price bucked the market-wide downtrend and yielded 12% gains for holders since January 21.
Also read: Assessing the possibility of Bitcoin price crash to $20,000 after US NFP rises to 517,000
Shiba Inu, the largest meme coin competitor of Dogecoin has witnessed a massive spike in the volume of SHIB held by wallet addresses for over a year. As seen in the chart below, the number of wallet addresses holding SHIB for over a year has climbed consistently over the past year. Cruisers, or the category of holders holding SHIB for less than 12 months decreased.
As the Shiba Inu community awaits the launch of layer-2 scaling solution Shibarium, the accumulation of SHIB by long-term holders has picked up pace.
Shiba Inu addresses by time held
Shiba Inu was one of Friday’s biggest gainers, the Dogecoin-killer is trading close to its three-month high. Despite a decline in the global crypto market SHIB bucked the market-wide downtrend.
The Shiba-Inu-themed cryptocurrency continues to enjoy high correlation with Bitcoin. According to data from crypto intelligence tracker CoinGecko, SHIB is currently 0.97 correlated with Bitcoin. The meme coin’s correlation with BTC could negatively influence the meme coin’s uptrend unless bulls push the meme coin higher.
After a massive retracement in Bitcoin in a knee-jerk reaction by crypto traders, BTC is back to the $23,300 level. Shiba Inu is likely to sustain its uptrend if Bitcoin stays above the key psychological level of $23,000.