Even though 75% of the stock is currently underwater, Shiba Inu investors continue to hold onto their investments.

The meme-inspired cryptocurrency Shiba Inu ($SHIB) has over 75% of its investors in debt, according to data from the Ethereum blockchain. Investors, meanwhile, continue to HODL their tokens during the bear market.

Data from on-chain analytics company IntoTheBlock shows that 75% of Shiba Inu investors are out-of-the-money, which means that they bought $SHIB for a price higher than the price at which the cryptocurrency is currently trading. Only 16% of investors are in the black, or making a profit, while 9% of investors are just breaking even.

As reported by CryptoGlobe, the meme-inspired cryptocurrency gained over 50,000 new owners on the blockchain despite a bear market in cryptocurrencies brought on by the failure of the well-liked trading platform FTX.

Shiba Inu is currently held by more than 1.128 million unique addresses on the blockchain, up from about 1.227 million a month ago, according to data from Etherscan. According to the statistics, SHIB has been bringing on well over 1,500 new HODLers each day.

Even as the price of the cryptocurrency inspired by memes has been falling along with that of other popular digital currencies due to the collapse of FTX, which has undermined investor confidence, the number of SHIB holders has been rising. SHIB has decreased by more than 8% over the previous 30 days.

The median amount of time customers on Coinbase keep the meme-inspired cryptocurrency before selling it or moving it to an external address has crossed the 200-day mark, which is significant evidence that Shiba Inu investors aren’t planning a big sell-off.

A long hold period “signals an accumulating trend,” the cryptocurrency exchange says on its platform, while a short hold time “indicates increasing movement of tokens.” Since the feature was added, Shiba Inu’s normal hold time on the exchange has noticeably increased.

Investors in Shiba Inu made a wager that as the cryptocurrency’s supply deflated as a result of its burn schedule, its price would rise and adoption would increase.

The community of meme-inspired cryptocurrencies has created a number of ways to make money and burn SHIB, including through an Amazon affiliates scheme and through music playlists the community enjoys.

It’s important to note that Shiba Inu is listed on other significant cryptocurrency trading platforms, including Binance, thus activity on the Nasdaq-listed exchange only makes up a small portion of the total activity for the meme-inspired cryptocurrency.