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9 out of 10 Coinbase Users Hold Shiba Inu (SHIB) – Here’s Why

Coinbase, the leading American crypto exchange, has seen a major increase in trading volume. Over the last 24 hours, the exchange’s trading volume skyrocketed 82.18% to stand at $1,214,821,992, placing Coinbase 3rd in the global market behind FTX Exchange and Binance.

Popular dog-themed meme coin Shiba Inu (SHIB) had a huge influence on the increased trading volume, as 87% of users chose to buy SHIB. The strong bullish sentiment towards the meme coin may have been inspired by Shiba Inu’s recent push to remove a zero from its decimal valuation, even despite the crypto crash. Having said that, there are a multitude of other factors contributing to the crypto community’s faith in SHIB, including:

  • SHIB holds the lowest price per coin among the top 20 cryptocurrencies.
  • Free crypto giveaways on social media and earning apps.
  • Partnerships with celebrities, e.g. designer John Richmond.

For much of the community, it comes as little surprise that Coinbase, which paved the way for small crypto transactions, has made it easy for both advanced and amateur crypto enthusiasts to hold at least a symbolic amount of the beloved Shiba Inu (SHIB).

Hark SHIB Army! Shytoshi Kusama Has Something to Say

“Today I write. Tomorrow I will have a LOT to say #Shibarmy”, stated Shytoshi Kusama, the main developer of the Shiba Inu Ecosystem, who has been teasing a major update on Twitter, mystery-box style. The update was intially expected to be posted on Medium on 4th of July, but the Lead Developer of Shiba Inu (SHIB) didn’t want to interrupt the national U.S. celebration, and elected to postpone the publication.

 Shiba Inu’s (SHIB) popularity among Coinbase users is partially being driven by the huge wave of hype currently going around social media, with many crypto enthusiasts even believing the SHIB Army to be the largest crypto community in the industry. @shibtoken, the official Twitter account of Shiba Inu (SHIB), has surpassed 3.4 million followers, matching the count of rival meme coin Dogecoin (DOGE).

Nevertheless, the Shiba Inu project boasts support from a great number of social influencers, such as MILKSHAKE who has 331K followers, so it’s unsurprising that hashtags like #Shibarmy and #SHIB are constantly trending on Twitter’s top searches.

Shiba Inu’s (SHIB) Price Regains Strength

At press time, Shiba Inu (SHIB) is trading at $0.00001070, according to CoinGecko. Finally trudging back into the green, SHIB has gained 6.8% in value over the last 24 hours, but is still 3.3% down for the week. Despite the recent turmoil that continues to overturn the markets, Shiba Inu (SHIB) can finally take a day off from the trials and tribulations of the crypto winter.

On the Flipside

‘Crypto.com Earn’ recently showed Shiba Inu and Dogecoin the door.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Author

Tadas Klimasevskis is a blockchain journalist and content creator, focusing on the latest tendencies of the crypto world and digging deeper into specific innovations like music NFTs, gaming NFTs and Metaverse. Vast experience in social media lets Tadas quickly spot what’s going on in the crypto industry and deliver a story with a unique spin.