Trading activity for meme coin Shiba Inu (CRYPTO: SHIB) on Coinbase (NASDAQ:COIN) Global Inc (NASDAQ: COIN) was dominated by “buy orders” on Wednesday.
What Happened: According to data from Coinbase, a majority of traders on the exchange were buying SHIB over the last 24 hours.
Orderbook data shows that 94% of traders on Coinbase increased their net position in SHIB as the token traded between $0.00001029 and $0.00001059.
The average number of SHIB buys likely increased across most cryptocurrency exchanges over this period, data from IntoTheBlock indicated.
At the time of writing, the bid-ask volume imbalance metric had flipped to bullish, suggesting there were a larger number of SHIB buys across the board.
See Also: HOW TO BUY SHIBA INU COIN (SHIB)
The uptick in buying activity took place after SHIB developers announced plans to launch a new token, TREAT, that would act as a reward for upcoming additions to its ecosystem, including SHIB’s Metaverse, a Shiba Inu Collectible Card game, and a stablecoin SHI.
Price Action: At press time, SHIB was trading at $0.0001053, up 2.5% over the last 24 hours as per data from Benzinga Pro.
Bitcoin (CRYPTO: BTC) was trading at $20,517, gaining 3.11% and Ethereum (CRYPTO: ETH) was trading at $1,174, up 4.12% over the same period.
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