Shiba Inu Breaks Startling Record in Recent Market Decline

Shiba Inu (SHIB) fell on Wednesday as its wild rally appeared to slow down. Shiba Inu jumped as much as 12% on Nov. 1 as dog-themed cryptocurrencies rose on Elon Musk’s tweet. Tesla CEO Elon Musk tweeted an image of a dog wearing a T-shirt with the Twitter logo alongside a Halloween pumpkin.

Shiba Inu was a top gainer in late October as its price rose almost 55% to reach a high of $0.00001518 on Oct. 29. Bulls took a breather to resume an upward rise from Oct. 31 through Nov. 1 before exhaustion set in.

At the time of publication, SHIB was changing hands at $0.000012, down 5% in the last 24 hours. The Federal Reserve is expected to make a major decision soon, and there is still leverage on the market, which could potentially cause volatility in the cryptocurrency sphere.

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Shiba Inu sets record

Shiba Inu is still attracting significant investors despite bearish market conditions. According to WhaleStats data, Shiba Inu has set a new high in its holder count, presently at 1,233,301.

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The composition of SHIB holders is seeing a surprising shift, as nearly half of these asset holders are in it for the long term.

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According to IntoTheBlock data, SHIB is currently recording its highest percentage of long-term holders, or “hodlers,” as it keeps setting new milestones in the metric. The percentage of long-term holders, or “hodlers,” has jumped to 45%, the highest so far, while that of midterm speculators continues to decline. Meanwhile, the percentage of short-term holders has held relatively steady.

Per IntoTheBlock’s data on holder composition by time held, 45% of SHIB holders have “hodled” their tokens for more than a year, 51% have held within a year, and 3% have held onto their tokens for less than a month. On Oct. 26, U.Today reported the number of long-term holders to be 38%, implying a significant increase in barely a week.