Per IntoTheBlock data, Dogecoin and Shiba Inu are among the longest HODLed coins in the market.
Despite recent market volatility, Dogecoin DOGE $0.18 24h volatility: 0.9% Market cap: $27.19 B Vol. 24h: $1.56 B and Shiba Inu SHIB $0.000014 24h volatility: 1.2% Market cap: $8.35 B Vol. 24h: $279.06 M 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.
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.
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— IntoTheBlock (@intotheblock) October 24, 2024
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 $94 900 24h volatility: 0.2% Market cap: $1.88 T Vol. 24h: $15.31 B , Ethereum ETH $1 842 24h volatility: 2.8% Market cap: $222.44 B Vol. 24h: $10.57 B , Chainlink LINK $15.01 24h volatility: 0.1% Market cap: $9.85 B Vol. 24h: $313.54 M , Toncoin TON $3.37 24h volatility: 4.8% Market cap: $8.46 B Vol. 24h: $152.70 M , and Cardano ADA $0.71 24h volatility: 0.5% Market cap: $25.73 B Vol. 24h: $652.01 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: 0.0% Market cap: $147.17 B Vol. 24h: $18.19 B and Avalanche AVAX $22.65 24h volatility: 1.8% Market cap: $9.42 B Vol. 24h: $303.28 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.
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