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.
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.