Meme Token, Shiba Inu ($SHIB), Becomes the 2nd Most Popular Token on Coinbase After $ADA

Shiba Inu ($SHIB) is now the second longest-held token on Coinbase. The coin is only topped by Cardano ($ADA) among the top 20 coins on Coinbase rounding off an impressive month for the meme coin.

Apart from Shiba Inu ($SHIB) and Cardano ($ADA), the only other coin which was held for more than a hundred days was Bitcoin ($BTC). Bitcoin’s median hold time was 115 days, placing it at a cool 3rd position

Ethereum ($ETH) and Polkadot ($DOT) were both tied with 86 days of holding time. Dogecoin ($DOGE) comes right after with a median of 81 days. Solana ($SOL) followed for 78 days, while Avalanche ($AVAX) was held for 36 days. $USDC and Tether ($USDT) were among the least, with 15 and 2 days respectively

SEE ALSO: Shiba Inu Most Sought After Coin on Robinhood Days After Listing

The balance held by addresses holding SHIB for over a year

Based on the data provided by Coinbase, here is the median hold time for the top 10 coins on the crypto exchange:

• $ADA – 121 days
• $SHIB – 119 days
• $BTC – 115 days
• $ETH – 86 days
• $DOT – 86 days
• $DOGE – 81 days
• $SOL – 78 days
• $AVAX – 36 days
• $USDC – 15 days
• $USDT – 2 days

According to Coinbase:

“Long hold time signals an accumulation trend. Short hold time indicates increased movement of tokens.” – Coinbase

Throughout 2022, Shiba Inu has seen a progressive increase in its hold period. Here are some stats about $SHIB in 2022 so far on Coinbase:

• Average hold time at the start of the year was 51 days
• By the end of January 2022, it had increased to 71 days
• On March 19, 2022, $SHIB had been on hold for 100 days

On Coinbase, Shiba Inu has been very stable in terms of trading activity, with:

• 65% towards buying
• 35% towards selling

Cardano ($ADA) has had a tough time with its growth this year. A study found that a majority of ADA holders were at a loss. A reason for the token to be held for so long could be that traders are waiting to break even, or make a profit, before selling

The same could be said for Shiba Inu. The token has launched its burn portal and metaverse but both have done little to push the tokens price

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