Saturday, December 3, 2022
HomeCryptoGood news for the Shiba Inu (SHIB): its popularity is soaring on...

Good news for the Shiba Inu (SHIB): its popularity is soaring on Coinbase

The media specifies that consequently only 8% of traders preferred to sell their Shiba Inu tokens over these 24 hours.

92% of Coinbase Users Trading Shiba Inu are Buying $SHIB, Exchange’s Data Shows #NewsBreak

It should also be noted that the holding period of SHIB tokens has increased on average from 120 days to 152 days. According to the exchange platform listed on Wall Street on the Nasdaq, “increased buying activity may signal that the asset is gaining popularity”while increasing the length of detention “signals a tendency to accumulation”.

Decline in transactions anyway!

The thinning observed on Coinbase at the beginning of the week should not mask the recent difficulties of the SHIB. The token recorded the lowest transaction total in 15 months last month, with the figure dropping from 209,702 in May to 157,889 in June.

The drop in transactions coincides with a drop in the price of the token, which is down 8% in one month. However, optimism remains warranted regarding the pricegiven the decommissioning that has already destroyed 4 billion tokens.

While the price of SHIB is currently around $0.000010, several analysts continue to predict a good outlook for it. For example, Gov Capital estimates that the price may reach $0.000056 by the end of 2022. For Changelly, which is more cautious, if the price of the cryptocurrency will increase in the coming years, it is in 2023 that the SHIB is expected to soar to $0.00002271, which is significantly higher than the current price.

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Read also Shiba Inu and Dogecoin: Should we expect a crash of the 2 famous Mèmecoins in the next few days?



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