Disclaimer: The opinions expressed by our writers are their own and do not represent the views of InkByte. The financial and market information provided on InkByte is intended for informational purposes only. InkByte is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
analytics reports that Shiba Inu addresses that have held onto their tokens for 1-12 months have nearly doubled since Nov. 1. The on-chain analytics firm indicates that this might demonstrate the strong conviction of SHIB holders, noting that this category of addresses has increased from 533,180 on Nov. 1 to 1.05 million as of Feb. 7.
Is meme season back? is ripping again, soaring by 37% over the past 24 hours. token holders are showing strong conviction, as the number of holders between 1-12 months have increased from 533,180 addresses on Nov 1 to 1.05m addresses yesterday. pic.twitter.com/mAD4NYt8DR
— IntoTheBlock (@intotheblock)
Shiba Inu's price steadily declined from November 2021 to late January after reaching a record peak of $0.000088 in October 2021.
Presently, Shiba Inu is leading meme coins higher in the ongoing market rally, surging to highs of $0.0000354 on Feb. 8. SHIB's price resumed an upward rise on Feb. 3 after touching lows at $0.00020 and has surged nearly 77% since then. Presently, SHIB trades at $0.0000325, up 18.54% in the last 24 hours, and it ranks 13th largest cryptocurrency, according to CoinMarketCap data.
According to the 's holder composition by time held, 94% of SHIB holders have clung onto their tokens in the last 1-12 months, while 6% have held onto their tokens for less than a month. A greater chunk of SHIB holders being mid-term holders might suggest that SHIB may have been seeing buying pressure from this class.
Shiba Inu seeks to expand globally
, a Shiba Inu-themed fast food restaurant located in Naples, Italy, is intending to expand globally, according to a recent tweet. It claims that it has received "hundreds" of requests to open more franchises over the past week.
Hey , Welly hears you!
— WELLY (@wellyfriends)
After hundreds of requests we are ready to welcome new franchisers!
Apply for a franchise through our website now. https://t.co/E9Eu7KS5g1 pic.twitter.com/2E6AuQQuhJ
Recent on-chain data provided by blockchain service shows that a new Shiba Inu whale has emerged, holding a staggering amount of SHIB. As a result of two transactions performed several hours ago, a new whale wallet has emerged in the Shiba Inu community.
This wallet now holds a whopping 3,457,477,154,937 SHIB tokens worth $115,998,358. Besides, SHIB has reclaimed the top spot from FTX as the largest token holding among whales.
InkByte Editorial Team
Dan Burgin
