Shiba inu (SHIB) 'hodlers,' or addresses holding the self-proclaimed dogecoin killer for more than a year, have jumped by a staggering 1,900% to 3,750 since late January. godbole17 reports.
"SHIB hodlers remain unfazed and accumulated during the past weeks and it's paying off with today's Robinhood announcement," IntoTheBlock said in a Telegram broadcast., opening doors for its roughly 17 million users to take exposure to the volatile cryptocurrency. SHIB jumped nearly 22% on Tuesday, registering its biggest single-day percentage gain since Feb. 6, according to data provided by charting platform TradingView.
While accumulation by holders during the recent dour price action is a welcome development for the bulls, the balance held by these addresses still accounts for just 5% of the total circulating supply of 549 trillion."Cruisers" or addresses with a holding period of one to 12 months own more than 93% of the supply, according to IntoTheBlock.
So, it's a long way before SHIB can shed its reputation as a cryptocurrency dominated by speculators. While addresses-based metrics are widely tracked to gauge investor activity, they are not perfect indicators. A single entity can have multiple addresses and can hold his coin stash in several wallets.
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