Nearly Two Thirds of SHIB Traders on Coinbase Hit Buy: Hike Incoming?

Is Shiba Inu (SHIB) poised for a price surge? Early data suggests that traders have begun the buying process, with its price zoning in on a 'potential bottom'. The burning question on every crypto investor's mind is: are we about to witness a significant SHIB price increase?

Coinbase Data Signals Strong Buying Pressure

According to data from Coinbase, nearly two thirds – a staggering 70% – of customers bought SHIB over the past day, while only 30% sold their tokens. This overwhelmingly positive buy-sell ratio points to increasing bullish sentiment around the meme coin. This trend stands in stark contrast to the broader market sentiment where, like Bitcoin, the crypto world stands at a crossroads, caught between fading retail confidence and a surge of institutional buying.

Why the Shiba Inu Buying Frenzy?

What's fueling this surge in SHIB purchases? While exact reasons are multifaceted, increased activity on Coinbase may be a key factor. According to Coinglass data, SHIB's spot trading volume on the Coinbase crypto exchange skyrocketed by a staggering 1,711%, prompting questions about what is behind the unusual volume. Is this a coordinated pump, organic growth, or a reaction to recent Shiba Inu ecosystem developments? Join the News Discussion About the Metaverse, Cryptocurrency, NFT, Blockchain, Trading & much more on platforms like Reddit to understand community sentiment.

Potential Bottom?

Many analysts believe SHIB is nearing a price floor. The combination of increased buying pressure on Coinbase and overall market conditions suggests a potential bottom may be forming. However, always remember that the cryptocurrency market is highly volatile, and thorough research and risk management are crucial before making any investment decisions. See new Tweets about SHIB trends and monitor the conversation for real-time updates.

Disclaimer: This is not financial advice. Always do your own research before investing in cryptocurrencies.