As a seasoned crypto investor with over a decade of experience in this dynamic market, I find myself intrigued by the recent performance of Dogecoin (DOGE) and Shiba Inu (SHIB). Having weathered multiple market cycles, I’ve learned to appreciate the unpredictability that comes with these digital assets.
Despite current market fluctuations, Dogecoin (DOGE) and Shiba Inu (SHIB) stand out as top players within the meme coin sector. A recent study reveals that both coins share similarities in terms of a significant metric – the average holding period.
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 their latest update, crypto market insight provider IntoTheBlock emphasized the usual holding durations for different assets. Notably, they pointed out that Dogecoin (DOGE) and Shiba Inu (SHIB) are typically held for around 2.4 years apiece. This lengthy holding period implies that investors have faith in these assets’ long-term potential, leading them to resist selling even during temporary price dips due to short-term market volatility.
This chart highlights the typical holding period for different assets.
As expected, Bitcoin leads with an average HODL time of 4.4 years.
Interestingly, top memecoins like Doge and Shiba show similar holding times to ETH.
— IntoTheBlock (@intotheblock) October 24, 2024
According to IntoTheBlock’s data, it offers a perspective on how seasoned and long-term-focused investors are joining the Shiba Inu and Dogecoin markets, as longer average holding periods imply fewer short-term traders.
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.
The following digital assets are also emphasized in the IntoTheBlock data: Bitcoin (BTC) with a price of $67,636 and a daily volatility of 1.4%, having a market cap of $1.34 trillion and a 24-hour volume of $39.36 billion; Ethereum (ETH) priced at $2,521 with a 2.1% daily volatility, a market cap of $303.25 billion, and a 24-hour volume of $20.52 billion; Chainlink (LINK) trading at $11.42, showing a minimal 0.1% daily volatility, a market cap of $7.16 billion, and a 24-hour volume of $409.44 million; Toncoin (TON) valued at $5.15, with a 0.3% daily volatility, a market cap of $13.09 billion, and a 24-hour volume of $251.01 million; Cardano (ADA) priced at $0.34, displaying a 3.8% daily volatility, a market cap of $12.21 billion, and a 24-hour volume of $423.64 million. Interestingly, Dogecoin (DOGE) and Shiba Inu (SHIB) have holding times similar to Ethereum. Conversely, Tether (USDT) and Avalanche (AVAX) have the shortest average HODL times at 8.9 months and 7.7 months, respectively.
What’s Next for DOGE and SHIB?
At present, DOGE is being exchanged at approximately $0.1394, marking a 0.9% increase over the last 24 hours and a substantial 14.6% rise in the past week. Notably, the trading volume experienced a 4.95% boost within the past day to reach an impressive $1.45 billion, suggesting a revitalized interest among investors.
As a researcher, I’ve noticed that the primary resistance area for Dogecoin (DOGE) lies within the $0.13 and $0.14 price range. The community is keeping a keen eye on whether DOGE will manage to surpass this current level in this cycle. Should it succeed, we might witness an extended uptrend that could potentially propel DOGE back towards its yearly high of $0.22.
Much like other recent developments, SHIB is exhibiting indicators of price recovery. Over the past 24 hours, its price has climbed by approximately 0.42% to reach $0.00001781. Notably, the trading volume also registered a surge of 9.95% during this period. Industry experts are optimistic that Shiba Inu may regain the $0.0000359 level or even climb higher by year’s end.
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2024-10-24 17:44