Shiba Inu (SHIB) Buying Activity Soars to 94% on Coinbase

Trading activity for meme coin Shiba Inu SHIB/USD on Coinbase Global Inc COIN was dominated by “buy orders” on Wednesday.

What happened: According to data from Coinbase, a majority of traders on the exchange bought SHIB in the past 24 hours.

Order book data shows that 94% of traders on Coinbase increased their net position in SHIB when the token traded between $0.00001029 and $0.00001059.

The average number of SHIB purchases is likely to have increased at most cryptocurrency exchanges during this period, data from IntoTheBlock shows.

At the time of writing, the bid-ask volume imbalance metric had flipped to bullish, suggesting a higher number of SHIB purchases across the board.


The uptick in buying activity came after SHIB developers announced plans to launch a new token, TREAT, that would serve as a reward for upcoming additions to the ecosystem, including SHIB’s Metaverse, a Shiba Inu Collectible Card game and a stablecoin SHI.

Price Action: At the time of writing, SHIB was trading at $0.0001053, up 2.5% in the last 24 hours according to data from Benzinga Pro.

Bitcoin BTC/USD traded at $20,517, a gain of 3.11% and Ethereum ETH/USD traded at $1,174, up 4.12% over the same period.

Photo by moxumbic on Shutterstock

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