The crypto market is no stranger to volatility and price fluctuations, so much so that even the largest currencies can lose 50% value in a short period. That’s why the market uses spectrums like hold time to ascertain a crypto’s market reliability.
It shows that despite the ongoing fluctuations, traders trust the currency enough to stack it. The benchmark is where most emerging coins struggle, as shown by Shiba Inu’s 6-day average hold time in 2021.
However, the currency has done a complete 180-degree turn to take the average to a whopping 68 days. Taking into account that Shiba Inu scored a massive 1400% growth in 2021 alone, its popularity is a given. Shiba Inu’s prospects for 2022 look good, according to most predictions. You can find more details here about Shiba Inu’s future.
The coin started 2021 from a mere 0.000000000073 dollars and ended at 0.000034 dollars. Shiba’s growth might seem trivial with these numbers; however, a new perspective can change it all. The growth achieved by SHIB essentially means that an asset worth 2 dollars rose to 1 million dollars in one year.
As startling as it may sound, Shiba Inu amassed even higher numbers during the year. For example, its all-time intraday high placed the coin near 0.00008841 dollars. The feat helped Shiba Inu enter the top ten cryptocurrencies in the market.
However, the coin quickly fell to 0.0000204 dollars, representing the essence of crypto fluctuations. It currently boasts 11.2 billion dollars in market valuation, putting it at risk of dropping out of the top 15 cryptos.
Despite such a fall, its astronomical rise was enough to lure and keep the traders invested. That is why Shiba Inu increased its average hold time from six days to 68 days in a year. While the number is still significantly below giants, like Ethereum and Bitcoin, the crypto has Doge and Solana beat.
Doge currently holds an average hold time of 56 days, while Solana stands at 41 days. Besides its value surge, Shiba Inu also profits from the release of ShibaSwap, a decentralized exchange, in 2021. With Shiba’s Layer 2 blockchain project Shibarium on the table, traders’ trust and support for the crypto will certainly surge.
While payment coins face issues to sustain in the market, Shiba Inu’s new array of projects might help the crypto overtake several giants.