Here’s Why Long-Term Holders Are Key To Shiba Inu Ecosystem’s Success
The second largest meme-inspired cryptocurrency, Shiba Inu (SHIB), has seen a surge in positive market sentiment in recent weeks. With a 41% increase in the past 30 days, the top Ethereum-based meme coin is currently trading at around $0.00001153 on Friday.
The Shiba Inu network boasts over 1,288,164 holders, leading to a high trading volume of approximately $200 million, even amidst the bear market. However, it is the fundamental aspects of the coin that have truly excited the Shiba Inu community.
The Shib Ecosystem: A Work In Progress
The Shiba Inu ecosystem boasts a market capitalization of approximately $6,327,745,697.56. Long-term holders have been identified as a crucial aspect of the ecosystem’s success. According to analytics data from intotheblock, the number of Shiba Inu holders with over a year of holding history has increased in the past year. Additionally, short-term holders, or “cruisers,” those who hold the coin for between 1 to 12 months, have seen a decline.
According to on-chain data, some of the Shiba Inu long-term holders include Binance and crypto.com exchanges. The rest are unknown wallets with more than 1 percent of the total supply of Shiba Inu.
The Shiba Inu ecosystem is thrilled with the upcoming launch of the Shibarium network that will act as a layer 2 scaling solution. Reportedly, DogPad will be the first Launchpad ecosystem of the Shibarium network.
With the launch of Shibarium, the Shiba Inu ecosystem anticipates having more token burns that reciprocate to increased value. Already, the Shiba Inu network has burnt over 41 percent of the total supply.
In the future, the Shiba Inu ecosystem will be fueled by the decentralized financial ecosystems (DeFi) rather than the speculative aspect alone.