Shiba Inu (SHIB) 1Y+ Addresses Soars 3.47% in 6 Months Despite Recent Market Downturn

Bitcoin's (BTC) bearish performance has continued to impact the price actions of altcoins such as Shiba Inu (SHIB).

Investors are still showing confidence in Shiba Inu (SHIB) despite the recent market downturn, with the number of addresses holding SHIB for over a year surging by 34,560 in six months.

However, the price of SHIB has been hit hard by Bitcoin’s (BTC) bearish performance, with the dog-themed token crashing below $0.000016 for the first time since March 2024. SHIB is currently trading at $0.00001553, down 65.48% from its March high of over $0.000045.

1Y+ Shiba Inu Addresses Soars 3.47% in 6 Months

But investors’ confidence in the token has not wavered despite Shiba Inu’s recent underperformance.

Data from leading crypto analytics platform IntoTheBlock shows that the number of wallets holding SHIB for over a year has increased over the past six months. According to the data, the addresses in this category were around 995,440 as of January 1, 2024.

Interestingly, the figure increased to 1.03 million on July 1, 2024. This suggests that wallets holding SHIB for over a year have increased by 34,560 (3.47%) over the past six months.

It also reflects investors’ growing confidence in Shiba Inu as they patiently anticipate a potential price surge for the token. Like most cryptocurrencies, market watchers have issued positive predictions for SHIB, with projections of $0.0001 target making rounds within the community.

Number of Short-Term SHIB Traders Declines

Meanwhile, wallets holding SHIB for less than a year have declined during this period.

For instance, wallets holding SHIB between 1 and 12 months slumped from 287,070 to 281,920, marking a 5,120 or 1.79% decrease.

Similarly, addresses holding the token for less than 30 days reduced from 35,180, recorded on January 1, to 27,780 on July 1. This suggests that this tier of wallets have plunged by 7,400 over the past six months.

Investors are still showing strong interest in SHIB despite the recent market downturn, with a fresh wallet scooping up massive amounts of SHIB from Binance.

According to The Crypto Basic, an anonymous crypto whale withdrew 583.7 billion SHIB from Binance on June 29. The SHIB tokens, valued at $9.72 million at the time of the transaction, were moved in a single installment.

Binance is currently the only exchange that supports SHIB deposits and withdrawals. Other exchanges, including Coinbase and Kraken, do not yet allow users to deposit or withdraw SHIB tokens.

SHIB was trading at $0.00001553 at press time, with a daily decline of 8.3% and a 24-hour trading volume of $283.58 million.

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