Coinbase Data Shows Stronger Accumulation Trends for $ADA and $SHIB Than Other Coins

Coinbase Data Shows Stronger Accumulation Trends for $ADA and $SHIB Than Other Coins


Users on the Nasdaq-listed cryptocurrency exchange Coinbase have a median holding time for Cardano ($ADA) and Shiba Inu ($SHIB) of over 120 days, superior to most other cryptoassets on the platform.

According to data showed on Coinbase’s price pages, Cardano’s ADA has a typical hold time of 121 days, meaning that ADA users on the platform hold onto their assets for over four months before “selling it or sending it to another account or address.”

Similarly, the meme-inspired cryptocurrency Shiba Inu has a typical hold time of 120 days. According to the cryptocurrency exchange, a long hold time “signals an accumulation trend,” while a short hold time “indicates increased movement of tokens.”

As first reported by Gfinity Esports, the typical hold time of these two altcoins is superior to the typical hold time of most other top cryptoassets on the trading platform. Coinbase’s data shows that for Bitcoin, for example, the typical hold time is of 115 days.

As for Ethereum, the typical hold time is 87 days, while the typical hold time for Shiba Inu’s rival meme-inspired cryptocurrency Dogecoin ($DOGE) is of 80 days. Ethereum rival Solana ($SOL), for example, has a typical hold time of 78 days.

The ADA and SHIB communities have been hodling onto their funds for months even amid a bear market that saw the value of their assets plunge 38% for the former and 31% for the latter since the beginning of the year.

Notably, Coinbase launched ADA staking last month, with the current staking APY at the time being around 3.75%.

It’s worth noting that while ADA and SHIB are typically held for longer on the exchange, its users do not represent the entirety of all Cardano and Shiba Inu investors. Other exchanges like Binance also allow trading in the meme-inspired cryptocurrency and in Cardano, and many custody their funds on-chain.

According to Etherscan data, well over 1.1 million ETH wallets are holding the meme-inspired cryptocurrency. Similarly, there are over 3.6 million wallets on the Cardano network and they’re growing at a rapid pace, having added over 500,000 year-to-date.


The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.


Source link

Share this post

Leave a Reply

Your email address will not be published. Required fields are marked *