According to data from the Nasdaq-listed cryptocurrency exchange Coinbase, 92 percent of the platform’s users are accumulating the meme-inspired cryptocurrency Shiba Inu ($SHIB) amid a continuing accumulation trend that has resulted in SHIB’s price being relatively stable over the previous 30 days.
According to statistics from Coinbase’s pricing website, 92 percent of its customers purchased SHIB in the previous 24 hours, while just 8 percent chose to sell their holdings. According to the cryptocurrency exchange, greater purchasing activity may indicate the asset’s growing appeal.
The average holding period for SHIB on the platform has increased to 152 days, up from 120 days in April of this year, according to data from the exchange. According to the websites of the exchange, a lengthy hold time “indicates an accumulation tendency,” while a short hold time “indicates increasing token movement.”
According to Gfitniy Esports, Shiba Inu is the eleventh most popular cryptocurrency on the trading site due to increased purchasing activity. On Coinbase’s Bitcoin pricing page, 95% of customers are purchasing BTC, while just 5% are selling, and 87% are purchasing ETH. Likewise, 90% of Coinbase’s users are purchasing Cardano’s ADA.
According to an investigation undertaken by a pseudonymous on-chain expert, CryptoGlobe claimed that SHIB, Polygon ($MATIC), and Unifi are the only cryptocurrencies that have been launched on Coinbase in 2021 and 2022 that have remained above their listing price.
During this time span, the median price performance of cryptocurrencies listed on Coinbase was an 82 percent decrease, with projects losing an average of 72 percent of their value. Only ten of the approximately 125 cryptocurrencies that were listed during that time outperformed Bitcoin.
Notably, the number of active addresses on SHIB and competitor meme-inspired cryptocurrency Dogecoin ($DOGE) networks has increased by well over 30 percent in the last month. Both meme-inspired coins were recently introduced as payment options to Coinbase Commerce, a branch of the Nasdaq-listed exchange Coinbase Global, at a time when the platform is integrating off-chain payments to minimise transaction costs and settlement delays.