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Bitcoin Ethereum Tether Energy

Bitcoin Has Diamond Hands But Ethereum, Dogecoin, and Shiba Inu Have Same Holder Type

Dalmas Ngetich
by Dalmas Ngetich
10 months ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Crypto is emerging as a new investment class. Although digital assets like Bitcoin are volatile, price fluctuation, especially for blue chip coins, has fallen as liquidity improves. However, new tokens launch daily, and different types of investors emerge.

Though some want to trade, taking advantage of price volatility, others are keen on holding, considering solid data that points to superior return on investment for the “diamond hands.”

Bitcoin Diamond Hands

A recent comparison of the holding period now points to an intriguing pattern. According to IntoTheBlock data, Bitcoin boasts diamond hands primarily because of its first-mover advantage.

Related Reading: Bitcoin As A Tool: BRICS 2024 Summit Proposes Russian Miners Sell BTC To Evade Sanctions

Simply put, looking at holding addresses, most BTC holders prefer not to sell or transfer coins to new wallets. Instead, according to IntoTheBlock, the average holding period for BTC is roughly 4.4 years.

Bitcoin, Ethereum, Shiba Inu, and Dogecoin HODLing | Source: @intotheblock via X
Bitcoin, Ethereum, Shiba Inu, and Dogecoin HODLing | Source: @intotheblock via X

If this is the assumption, it means that for a typical HODLer, the last time they moved was around 2020. This was when the COVID-19 pandemic was wreaking havoc and before prices shot to all-time highs a year later, in late 2021.

While HODLers may believe in the token’s value proposition, the substantial price gains over the years may explain their reluctance to sell or transfer coins between wallets. This data shows a high probability of these HODLers storing their coins using cold wallets.

These wallets are not connected to the internet and are typically considered more secure than “hot” wallets, including MetaMask and exchange wallets.

Ethereum Has The Same Holding Period As Dogecoin And Shiba Inu: Why?

While Bitcoin holders have shown their ability to be patient and committed, not all owners are the same. For instance, besides being the second most valuable coin, the average holding period for ETH is just 2.4 years.

At this level, it is in the same category as Dogecoin and Shiba Inu. Although Dogecoin was launched in late 2013 and Ethereum two years later in 2015, the unusually long SHIB holding period complicates the situation.

Related Reading: Cardano Founder Reveals What He Discussed With Argentina’s President Milei

SHIB launched in 2020 but has since grown by leaps and bounds. Although ETH, DOGE, and SHIB gains have been high, the performance of these top meme coins has drawn in more users, building a loyal community. Subsequently, holders believe they can recover from their 2022 lows and reclaim all-time highs, perhaps at a faster pace than ETH.

Ethereum price moving downward on the daily chart | Source: ETHUSDT on Binance, TradingView
Ethereum price moving downward on the daily chart | Source: ETHUSDT on Binance, TradingView

As crypto evolves, the changes in holding periods remain to be seen. However, if prices surge and break local resistances, more DOGE, ETH, and even BTC HODLers will be convinced not to sell their coins.

Feature image from Canva, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Dalmas Ngetich

Dalmas Ngetich

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Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

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