Only 5% of Shiba Inu trading on Coinbase was to sell SHIB in the past 24 hours, according to the exchange.
With the Shiba Inu price continuing to consolidate and recover in the past two weeks, previously jumping 30% in 12 hours, the trading activity has swung even further in favour of buying SHIB.
Here's the latest on Coinbase's Shiba Inu trading action.
Coinbase Holders Are Not Selling SHIB
As of July 2, 95% of Coinbase's Shiba Inu trading volume has been to buy SHIB, with just 5% selling. This volume has fluctuated dramatically since the beginning of the year, although it has seen a sudden increase since this latest crypto crash and recovery. This is among the highest level seen so far for SHIB.
Alongside this, Shiba Inu's average hold time on Coinbase has broken through the 150 day mark. It remains the eleventh most popular cryptocurrency on the exchange, too.
One possible explanation for this increase in buying SHIB is the trading volume. After hitting $2 billion in 24 hours during June, Coinbase now states this is $292 million - a drop of 50% in one day.
Cryptocurrency buying on Coinbase seems up across the board. 92% of Dogecoin trading is to buy DOGE, while a whopping 97% of Bitcoin trading was to buy BTC.
Meanwhile, SHIB holders are calling for further purchases, asking if they can get the trading volume to 100%.
Elsewhere, one analysis found that Shiba Inu is in a rather unique position of all the new Coinbase listings in 2021/22. It is only one of three new tokens added still in profit from its listing price.
Of course, this is only one measure of SHIB trading. Buying and selling of Shiba Inu will vary across exchanges and platforms.
For more articles like this, take a look at our Planet Crypto page.