Shiba Inu (SHIB) is making waves in the crypto market, surpassing Bitcoin (BTC) and Ethereum (ETH) in long-term holder growth. The latest data from blockchain analytics firm IntoTheBlock indicates that as of March 21, approximately 75.8% of SHIB addresses have held their tokens for over 155 days. This percentage exceeds Ethereum’s 74.2% and Bitcoin’s 73.3%, suggesting a shift in perception toward SHIB as a long-term investment rather than just a speculative asset.
A deeper dive into the numbers reveals an emerging trend of sustained commitment among SHIB investors. Only 2% of holders have owned SHIB for less than a month, while 22% have maintained their holdings for 1 to 12 months. Meanwhile, 76% of SHIB investors have kept their tokens for over a year. Notably, SHIB now has the longest average holding period among newer cryptocurrencies at 2.6 years, surpassing Ethereum’s 2.4 years, though still trailing Bitcoin’s 4.4 years. Among major altcoins, only Litecoin (LTC) and Chainlink (LINK) have a higher percentage of long-term holders, with 77.7% and 77.5%, respectively.
One of the key factors driving SHIB’s growing investor confidence is the expansion of Shibarium, the project’s Layer 2 scaling solution. Adoption has skyrocketed, with daily sign-ups increasing by over 4,000%, according to data from Shibarium scan. Transaction volumes have also surged, rising 61% in a month from 2.38 million to 3.82 million. At the same time, smart contract deployments have seen an 800% jump, with new contracts climbing from 12 to 109 per day. This rapid growth highlights the increasing interest from developers looking to build decentralized applications (dApps) within the Shiba Inu ecosystem.
Beyond network expansion, SHIB’s growing base of long-term holders aligns with improving regulatory clarity in the crypto space. In particular, the establishment of a U.S. crypto research body has bolstered investor confidence. The SHIB community remains optimistic that the token could be added to regulatory frameworks in the future. Additionally, speculation is mounting about the potential approval of a Shiba Inu exchange-traded fund (ETF), with advocacy efforts gaining traction among SHIB supporters.
Despite the increasing adoption and positive sentiment, SHIB’s price has faced downward pressure in recent days. The token has dropped 6.55% in the past 24 hours, trading at $0.00001424 at the time of writing. However, analysts like Master Ananda believe SHIB is nearing a key support level and could soon rebound.
“The market bottom was hit in June 2023, and since then, we’ve seen higher highs and higher lows,” Ananda explained on TradingView. “The 2024 corrective phase is coming to an end, and SHIB is poised for a bullish breakout.”
If historical patterns repeat, SHIB could see significant gains in the near future. Ananda predicts a potential 600% rally from current levels, echoing the 1,800% surge that followed the June 2023 bottom. As SHIB continues to solidify its position in the market, investors are watching closely to see whether this growing confidence translates into a long-term price breakout.
By Alejandro Silva Ramírez, Crypto Analyst & Columnist