Crypto Buyers Flock to SHIB, 92% of Coinbase Users Buy Shiba Inu

  • 92% of Coinbase’s users are buying Shiba Inu (SHIB).
  • The majority of the exchange’s users are starting to buy more crypto than sell.
  • They are also buying Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA).

According to Coinbase’s user activity, it seems that around 92% of its users have begun to buy Shiba Inu (SHIB). Indeed, one of the most popular and largest crypto exchanges — Coinbase, is seeing an influx in SHIB purchases. 

In fact, the buying of the second-largest dog-themed token came amid an ongoing crypto winter. While the price of various cryptos seem to be struggling to maintain their value, Shiba Inu seems to be doing well. 

Of the many users in Coinbase, 92% seem to be buying more SHIB. Meanwhile, only 8% are selling their holdings since the last 24 hours. In fact, it seems the data points to long hold times signaling an accumulation trend while the short hold times is signaling increased movement of tokens.

At the moment, it seems Shiba Inu (SHIB) is the 11th most popular crypto on Coinbase. The asset is presently ranked as number 14 on CoinGecko. In the latter its price is $0.00001075. The price is up by 7.6% in the last 24 hours. 

Further data from Coinbase shows that the majority are buying other assets such as Bitcoin (BTC) and Cardano (ADA). In detail, 95% are buying Bitcoin (BTC) while 5% are selling Bitcoin (BTC). Similarly, 90% are buying Cardano (ADA) and 87% are buying Ethereum (ETH).

So far, only three assets on Coinbase remain above their listing price. That is, from the few altcoin listed in Coinbase in 2021 and 2022, only Shiba Inu (SHIB), Polygon (MATIC), and Unifi are above their listing prices. 

Finally, the data also shows that the median price performance for cryptos that are being listed on Coinbase during this period is in an 82% decline. Furthermore, projects are losing an average of 72% of their value. 

This is truly a harsh crypto winter for the crypto community. Lastly, the data indicates that from about 125 cryptos listed in this same time, only 10 are outperforming the pioneer cryptocurrency Bitcoin (BTC). Clearly, the Shiba army continues to show support for SHIB. This is no difficult task as it is easy to support a token that continues to give to its community. Just recently Shiba Inu announced Shibarium’s public testnet launch in Q3 2022.

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A focused and vigilant storyteller for all things blockchain and cryptocurrency. Besides consuming every piece of literature about the metaverse, she can often be found at industry convections looking for the latest scoop.