Coinbase Data Shows S#TRONger Accumulation Trends for $#ADA and $#SHIB Than Other Coins
Users on the Nasdaq-listed cryptocurrency
According to data showed on Coinbase’s price pages, Cardano’s
Similarly, the meme-inspired cryptocurrency Shiba Inu has a typical hold time of 120 days. According to the cryptocurrency exchange, a long hold time “signals an accumulation trend,” while a short hold time “indicates increased movement of tokens.”
As first reported by Gfinity Esports, the typical hold time of these two altcoins is superior to the typical hold time of most other top cryptoassets on the trading platform. Coinbase’s data shows that for Bitcoin, for example, the typical hold time is of 115 days.
As for Ethereum, the typical hold time is 87 days, while the typical hold time for Shiba Inu’s rival meme-inspired cryptocurrency Dogecoin ($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%.
More @Cardano. More staking.
We have officially expanded staking offerings to include $ADA so you can begin earning rewards on your crypto!
Read more here → https://t.co/DgGBE2Kn0w
See $ADA info here → https://t.co/wy54lLRcQU pic.twitter.com/6T6ZF9FPkq— Coinbase Assets (@CoinbaseAssets) March 23, 2022
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
According to Etherscan data, well over 1.1 million
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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.