87% Of Coinbase Users Are Buying Shiba Inu ($SHIB)

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Data from cryptocurrency exchange Coinbase shows that 87% of the platform’s users who are trading the meme-inspired cryptocurrency Shiba Inu ($SHIB) are buying, amid an ongoing accumulation trend that has seen the price of SHIB hold relatively well over the past 30 days.

Coinbase users are buying SHIB

According to data from Coinbase’s price pages, 87% of its users are buying up SHIB while only 13% preferred to sell their holdings in it over the last 24-hour period. Per the cryptocurrency exchange “increased buying activity can signal that the asset is gaining popularity.”

Data from the exchange further shows that the typical hold time for SHIB on the platform has risen to 152 days. The exchange’s pages note that a long hold time “signals an accumulation trend,” while a short hold time “indicates increased movement of tokens.”

Shiba Inu, as Gfitniy Esports noted, is the 11^th most popular cryptocurrency on the trading platform amid heightened buying activity on it. Coinbase’s Bitcoin price page shows 95% of its users are buying BTC while 5% are selling, while 87% are buying up ETH. Similarly, 90% of Coinbase’s users are buying Cardano’s ADA.

SHIB, Polygon ($MATIC) and Unifi are the few altcoins that have been listed on Coinbase in 2021 and 2022 to remain above listing price, according to an analysis conducted by a pseudonymous on-chain analyst.

Ok, performance time. For 2021/2022 CB listings, the median performance since listing is…. -82% or an avg of -72%. Out of the ~125 listings, there were only 10 that outperformed BTC, with SHIB being the best performer (only 3 tokens had positive post-listing performance) pic.twitter.com/PIWcsncRJw
— Onchain Wizard (@OnChainWizard) June 24, 2022

Notably, SHIB and rival meme-inspired cryptocurrency Dogecoin ($DOGE) have both recently seen the number of active addresses on their networks jump well over 30% over a 30-day period. Both meme-inspired cryptocurrencies were recently added as payment methods to Coinbase Commerce, a division of the Nasdaq-listed exchange Coinbase Global at a time in which the platform is adding off-chain payments to reduce fees and settlement times.

🐶😺 Whatever your opinion may be on #Dogecoin and #ShibaInu, it appears as though they are each showing notable increases in network activity. Over the past 10 days especially, $DOGE (+32%) and $SHIB (+35%) have seen many returning network interactions. https://t.co/LDiWKEJIMg pic.twitter.com/JMjWQDzmtB
— Santiment (@santimentfeed) June 29, 2022

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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