Why Is Shiba Inu (SHIB) Buying Pressure Surging On Coinbase?

Why Is Shiba Inu (SHIB) Buying Pressure Surging On Coinbase?

Meme-based cryptocurrency Shiba Inu SHIB/USD saw an uptick in buy orders on Coinbase Global Inc COIN on Thursday.

What Happened: According to trading data from the cryptocurrency exchange, 63% of Coinbase traders increased their SHIB position over the last 24 hours.

“Increased buying activity can signal that the asset is gaining popularity,” read Coinbase’s description of its trading activity metric.

Despite the increasing number of bids, SHIB’s price declined 2.27% in the last day to $0.0000819, as per data from Benzinga Pro.

The uptick in retail interest can be attributed to the launch of Shibarium, Shiba Inu’s Layer 2 solution, which is expected to go live this month.

Users hypothesized that Shibarium was due for an imminent launch following a tweet from lead Shiba Inu developer Shytoshi Kusama.

Further speculation was driven by a scheduled mainnet upgrade of Unifcation and xFUND, which are currently working on developing Shibarium.

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

Posted In: Shiba IniShytoshi KusamaCryptocurrencyNewsMarkets

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.