Shiba Inu (#SHIB) Achieves Unprecedented Milestone: Exploring the Details

Bombolo | News and Media

Shiba Inu, the popular cryptocurrency, has achieved an extraordinary milestone as the SHIB network continues to expand. Over the past month, the SHIB network has experienced remarkable growth, with a staggering 2,538 new SHIB addresses created on May 26 alone. Furthermore, according to Etherscan, the current number of SHIB holders has reached an impressive 1,309,548. As the number of SHIB holders has changed, so has the composition and dynamics of the community. Notably, Shiba Inu has set an unprecedented milestone in the percentage of long-term holders, which has reached an all-time high.

Unprecedented Percentage of Long-Term Holders

According to IntoTheBlock's analysis of holders' composition by time held, an astounding 70% of SHIB holders have now held their tokens for more than a year, indicating their long-term commitment to the cryptocurrency. This percentage places Shiba Inu ahead of several other prominent blockchains in terms of long-term holder composition. For instance, rival cryptocurrency Dogecoin has a long-term holder percentage of 69%, while Cardano stands at 53%. Conversely, only 28% of SHIB holders have held their tokens for less than a year, and a mere 2% have held onto their tokens for less than a month. These figures reflect the cautious approach of investors in a bearish market that has persisted over the past year.

Faith in the Token Amid Price Declines

Despite the current price decline, with Shiba Inu trading at six-month lows at a current price of $0.0000084, the significant proportion of long-term SHIB holders underscores the community's unwavering faith in the token. This steadfast belief in the potential of Shiba Inu is commendable and demonstrates the resilience and conviction of its dedicated supporters.

Surge in Large Transactions

In addition to the impressive growth in the number of SHIB holders, the Shiba Inu network has witnessed a remarkable 177% increase in large transactions within the past 24 hours, as reported by IntoTheBlock. Large transaction spikes are typically associated with heightened activity from whales, who are influential holders engaged in buying or selling significant amounts of the cryptocurrency. At the time of writing, SHIB was making efforts towards recovery, experiencing a marginal increase in value over the past 24 hours, reaching $0.0000084.

Shiba Inu has achieved an unprecedented milestone in the expansion of its SHIB network. The substantial increase in the number of SHIB holders, coupled with an outstanding percentage of long-term holders, reflects the community's enduring confidence in the token's potential. Despite prevailing price declines, Shiba Inu's dedicated supporters remain resolute, bolstering the cryptocurrency's prospects for the future.

(FAQs)

1. What is Shiba Inu? Shiba Inu is a cryptocurrency that was inspired by the popular Dogecoin. It gained significant attention for its cute and playful branding, quickly amassing a large and dedicated community of supporters.

2. How can I buy Shiba Inu (SHIB) tokens? To buy Shiba Inu tokens, you can visit popular cryptocurrency exchanges such as Binance, Coinbase, or KuCoin, where SHIB is typically listed. Make sure to do thorough research and follow proper security measures when trading cryptocurrencies.

3. What factors contribute to the growth of the SHIB network? The growth of the SHIB network can be attributed to various factors, including increased adoption and interest from investors, the development of partnerships and collaborations, positive market sentiment, and the overall performance of the cryptocurrency market.