After a long period of depreciation, the market finally started to recover. However, the latest data reveals that Coinbase investors are buying from a meme coin project. Accordingly, the Shiba Inu has become very popular among Coinbase investors recently. Let’s look at the details together.
Coinbase investors rush to this meme coin project
Data from the Nasdaq-listed cryptocurrency exchange Coinbase shows that investors are investing in a meme coin project. Accordingly, it reveals that 92% of Coinbase investors who trade Shiba Inu have accumulated the token. So, SHIB investors are feeling optimistic about the price of the meme coin despite the continued decline. Therefore, they continue to accumulate for the last 30 days. According to the data, 92% of its users have purchased SHIB tokens in the last 24 hours. However, the meme coin asset is sold by only 8% of holders. According to the cryptocurrency exchange, “increased buying activity reveals that the asset is gaining popularity.”
Also, data from the exchange shows that the typical holding time for SHIB on the platform is getting longer. Accordingly, in April of this year, owners of the meme token held their holdings for an average of 120 days. Today, this number has increased to 152 days. The stock market pages say that a long holding period “indicates an accumulation trend.” However, he notes that the short holding period “indicates bullish action of tokens.” Currently, Shiba Inu is the 11th most popular cryptocurrency on the trading platform amid growing buying activity.
Shiba Inu (SHIB) added to Coinbase Custody
However, SHIB, along with MATIC and Unifi, was among the few altcoins that remained above list price on Coinbase in 2021 and 2022. The average price performance of cryptocurrencies listed on Coinbase has dropped 82% during this time. This decline came with projects losing an average of 72% of their value. There were about 125 cryptocurrencies listed for that period. However, only 10 of them managed to outperform Bitcoin. In particular, SHIB and its rival, Dogecoin (DOGE), have achieved significant milestones on their networks recently. Accordingly, the number of active addresses has increased by over 30% over a 30-day period. Both meme coins have been added as payment methods to Coinbase Commerce, a subdivision of Coinbase. The aforementioned incident came at a time when the platform was adding off-chain payments to reduce fees and payment times.
Which altcoin projects are Coinbase investors buying?
While SHIB is a popular meme coin among Coinbase investors, it’s not the only one. Coinbase’s Bitcoin price page reveals that 95% of its users buy BTC, while 5% sell it. However, it shows that 87% of investors are accumulating ETH. As Cryptokoin.com reported, Cardano (ADA) is among the altcoin projects that have accumulated. Accordingly, 90% of Coinbase users buy ADA.
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