Dogecoin (DOGE) and Shiba Inu (SHIB) Hit Tie in This Metric | Coinspeaker

Dogecoin (DOGE) and Shiba Inu (SHIB) Hit Tie in This Metric

Godfrey Benjamin By Godfrey Benjamin Julia Sakovich Edited by Julia Sakovich Updated 3 min read
Dogecoin (DOGE) and Shiba Inu (SHIB) Hit Tie in This Metric
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Per IntoTheBlock data, Dogecoin and Shiba Inu are among the longest HODLed coins in the market.

Key Notes

  • Dogecoin and Shiba Inu are among the most HODLed coins.
  • They share the list alongside Bitcoin and Ethereum.
  • Both digital currencies are memecoins with massive hype.

Despite recent market volatility, Dogecoin DOGE $0.19 24h volatility: 8.8% Market cap: $28.28 B Vol. 24h: $13.67 B and Shiba Inu SHIB $0.000019 24h volatility: 0.6% Market cap: $10.92 B Vol. 24h: $1.63 B are top performers in the memecoin sector. In a recent analysis, DOGE and SHIB showed a tie in a key metric: the average HODL time.

Long-Term Dogecoin and Shiba Inu Investors Soar

The average HODL time measures the time a token stays on an address before it is transferred. This metric reflects a high confidence level in a digital asset’s reliability as a store of value.

In a recent X post, the crypto market intelligence platform IntoTheBlock highlighted the typical holding periods for various assets. The platform noted that DOGE and SHIB have an average HODL time of 2.4 years each. A hold time of 2.4 years suggests that investors are confident in the assets’ long-term prospects. As a result, they are not quick to sell, even in the face of short-term price fluctuations.

The IntoTheBlock data also provides insight into the overall maturity of the Shiba Inu and Dogecoin markets. An increase in average HODL time suggests that more experienced and long-term-oriented investors are entering the market, as opposed to short-term speculators.

Meanwhile, data analytics platform Santiment revealed in a Coinspeaker report that many DOGE holders recently exited their positions. This decreased the memecoin’s total holder count to 6.62 million, the lowest since April. Market analysts claim this might set DOGE on a bullish trajectory, especially as remaining holders demonstrate stronger conviction.

Other digital assets highlighted in the  IntoTheBlock data include Bitcoin BTC $74 464 24h volatility: 5.9% Market cap: $1.47 T Vol. 24h: $128.79 B , Ethereum ETH $2 655 24h volatility: 7.6% Market cap: $319.84 B Vol. 24h: $41.38 B ,  Chainlink LINK $11.87 24h volatility: 8.6% Market cap: $7.44 B Vol. 24h: $814.34 M , Toncoin TON $4.71 24h volatility: 0.3% Market cap: $11.99 B Vol. 24h: $525.71 M , and Cardano ADA $0.35 24h volatility: 5.0% Market cap: $12.67 B Vol. 24h: $750.27 M . Bitcoin leads with an average HODL time of 4.4 years. Surprisingly, DOGE and SHIB  have holding times similar to those of ETH. On the contrary, Tether USDT $1.00 24h volatility: 0.1% Market cap: $120.64 B Vol. 24h: $166.10 B and Avalanche AVAX $26.32 24h volatility: 8.3% Market cap: $10.70 B Vol. 24h: $656.98 M have the lowest average HODL times at 8.9 months and 7.7 months, respectively.

What’s Next for DOGE and SHIB?

As of this writing, DOGE was trading at $0.1394, up 0.9% in the last 24 hours and 14.6% in the past week.  The trading volume spiked 4.95% in the past day to $1.45 billion, indicating investors’ renewed interest.

The major resistance zone for DOGE is between the $0.13 and $0.14 range. Investors are watching to see if it will break above the price threshold this cycle. A breakout above this range could see DOGE moving in a longer uptrend to retest its yearly high of $0.22.

In a similar move, SHIB is also showing signs of price rebound. In the last 24 hours, SHIB’s price increased by 0.42% to $0.00001781. The trading volume also inked a 9.95% increase in the same timeframe. Experts believe Shiba Inu could reclaim the $0.0000359 or move higher by the end of the year.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.

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