Shiba Inu (SHIB) Buying Activity Surges To 94% On Coinbase

Trading activity for meme coin Shiba Inu (CRYPTO: SHIB) on Coinbase Global Inc (NASDAQ: COIN) was dominated by “buy orders” on Wednesday.

What Happened: According to data from Coinbase, a majority of traders on the exchange were buying SHIB over the last 24 hours.

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

The average number of SHIB buys likely increased across most cryptocurrency exchanges over this period, data from IntoTheBlock indicated.

At the time of writing, the bid-ask volume imbalance metric had flipped to bullish, suggesting there were a larger number of SHIB buys across the board.

See Also: HOW TO BUY SHIBA INU COIN (SHIB)

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

Price Action: At press time, SHIB was trading at $0.0001053, up 2.5% over the last 24 hours as per data from Benzinga Pro. 

Bitcoin (CRYPTO: BTC) was trading at $20,517, gaining 3.11% and Ethereum (CRYPTO: ETH) was trading at $1,174, up 4.12% over the same period.

Photo by moxumbic on Shutterstock