70% Of Shiba Inu Traders On Coinbase Are Now Buying: How Does This Compare To Last Month?

A majority of investors trading Shiba Inu (CRYPTO: SHIB) on Coinbase Global Inc (NASDAQ: COIN) appear to be bullish on the meme-based cryptocurrency.

What Happened: According to data from Coinbase, 70% of customers bought SHIB over the past day while 30% sold their tokens.

These numbers are vastly different from last month’s data when the number of buy orders for SHIB was considerably lower. SHIB has seen a 35% decline over the past 30 days and the asset is down by more than 75% over the past three months from an all-time high of $0.00008616.

SHIB’s peak price in October 2021 was preceded by a four-week rally when the coin surged by more than 700%.

Incidentally, there was a significant amount of buying pressure for the asset on Coinbase around this time with trading activity indicating 90% of SHIB traders had buy positions open and 10% had sell orders.

Earlier this week, Needham analyst John Todaro said SHIB’s October rally boosted Coinbase’s retail trading volumes and helped it become the second-most downloaded app for the week ending Oct. 15, 2021.

"This occurred only one other time in 2021 when the Coinbase app hit that ranking in Q2 '21, the current highest volume quarter for Coinbase," the analyst said in the note.

Price Action: As of Friday morning, SHIB was trading at $0.00002146, up 3.93% in the last 24 hours.

Photo by Quantitatives.io on Unsplash