Data from the Nasdaq-listed cryptocurrency exchange Coinbase shows that 92% of the platform’s users who are trading the meme-inspired cryptocurrency Shiba Inu ($SHIB) are buying, amid an ongoing accumulation trend that has seen the price of SHIB hold relatively well over the past 30 days.
According to data from Coinbase’s price pages, 92% of its users are buying up SHIB while only 8% preferred to sell their holdings in it over the last 24-hour period. Per the cryptocurrency exchange “increased buying activity can signal that the asset is gaining popularity.”
Data from the exchange further shows that the typical hold time for SHIB on the platform has risen to 152 days, up from 120 days back in April of this year. The exchange’s pages note that a long hold time “signals an accumulation trend,” while a short hold time “indicates increased movement of tokens.”
Shiba Inu, as Gfitniy Esports noted, is the 11th most popular cryptocurrency on the trading platform amid heightened buying activity on it. Coinbase’s Bitcoin price page shows 95% of its users are buying BTC while 5% are selling, while 87% are buying up ETH. Similarly, 90% of Coinbase’s users are buying Cardano’s ADA.
As CryptoGlobe reported, SHIB, Polygon ($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.
The median price performance for cryptocurrencies being listed on Coinbase during that period is an 82% decline, with projects losing on average 72% of their value. Out of around 125 cryptocurrencies being listed for that period, only 10 outperformed the flagship cryptocurrency Bitcoin.
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.
