$SHIB and $MATIC Among Few Coinbase Listings to Have ‘Positive Post-Listing Performance’

The meme-inspired cryptocurrency Shiba Inu ($SHIB) and a few other cryptoassets including Polygon ($MATIC) and Unifi are the few altcoins that have been listed on the Nasdaq-listed cryptocurrency exchange Coinbase in 2021 and 2022 to remain above listing price.

According to an analysis conducted by pseudonymous on-chain analyst Onchain Wizard, for 2021 and 2022 the median price performance for cryptocurrencies being listed on Coinbase is an 82% decline, with projects losing on average 72% of their value.

Out of around 125 cryptocurrencies being listed for that period, only 10 outperformed the flagship cryptocurrency Bitcoin, and the meme-inspired cryptocurrency was the best performer with a 49% rise from its listing price as of June 24.

The analyst’s data further shows that the meme-inspired cryptocurrency has outperformed BTC by 105%, while several other coins listed on Coinbase also managed to outperform the flagship cryptocurrency.

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Shiba Inu’s price rallied after being listed on Coinbase back in September 2021, right before it hit a new all-time high in October 2021 amid an explosive rally in the cryptocurrency space. The meme-inspired cryptocurrency had first been listed on Coinbase Pro – Coinbase’s advanced trading platform that is shutting down in favor of Coinbase Advanced Trade – as well as on Binance and other exchanges.

Since listing, as reported by Gfinity Esports, Polygon and Unifi were up 32% and 1% respectively, while various other assets lost less than 50% of their value. Onchain Wizard noted that Coinbase lists various altcoins as out of the “$1.7trn of volume they did last year, $884bn came from alts,” which generated 54% of their transaction revenue.

The analyst went on to point to some assets listed that lost well over 90% of their value.

As CryptoGlobe reported, Coinbase users have a median holding time for SHIB superior to most other cryptoassets on the platform.  According to the cryptocurrency exchange, a long hold time “signals an accumulation trend,” while a short hold time “indicates increased movement of tokens.”

Coinbase’s data shows the meme-inspired cryptocurrency is the 11th most popular asset on its platform while its typical hold time has moved to 150 days, up from around 120 back in April.

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