The on-chain transaction volume of the meme-inspired cryptocurrency Shiba Inu ($SHIB) has dropped to a 15-month low at a time in which the entire cryptocurrency market is seeing its value plunge.
According to data from analytics platform Bloxy, first spotted by Finbold, in April 2022, there were around 213,000 SHIB transactions recorded on-chain, down from an all-time high of 1.38 million in October last year, as CryptoGlobe reported. That figure has, in June, dropped to 157,889.
The transaction drop is in line with a wider cryptocurrency market downturn that has seen the flagship cryptocurrency Bitcoin post its worst quarterly performance in over a decade. In March 2021, SHIB saw a transaction volume of 37,000 on-chain, although according to CryptoCompare data, in March of last year, SHIB wasn’t a well-known token, and its popularity exploded throughout the year.
While during the summer of 2021 it was trading at $0.0000088, by October its price had exploded to $0.00008, before entering its ongoing downtrend. At the time of writing, SHIB is changing hands for $0.00001.
While Shiba Inu’s price has been steadily dropping, traders buying and selling the cryptocurrency on the Nasdaq-listed cryptocurrency exchange Coinbase have been buying up more than they have been selling, with 92% of users trading SHIB buying, and only 8% selling.
As CryptoGlobe reported, SHIB, Polygon ($MATIC) and Unifi are the few altcoins that have been listed on Coinbase in 2021 and 2022 to remain above listing price, according to an analysis conducted by a pseudonymous on-chain analyst.
The median price performance for cryptocurrencies being listed on Coinbase during that period 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.
Notably, SHIB and rival meme-inspired cryptocurrency Dogecoin ($DOGE) have both recently seen the number of active addresses on their networks jump well over 30% over a 30-day period. Both meme-inspired cryptocurrencies were recently added as payment methods to Coinbase Commerce, a division of the Nasdaq-listed exchange Coinbase Global at a time in which the platform is adding off-chain payments to reduce fees and settlement times.
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