Why Is Shiba Inu (SHIB) Buying Pressure Surging On Coinbase?

Meme-based cryptocurrency Shiba Inu SHIB/USD saw an uptick in buy orders on Coinbase Global Inc COIN on Thursday.

What Happened: According to trading data from the cryptocurrency exchange, 63% of Coinbase traders increased their SHIB position over the last 24 hours.

“Increased buying activity can signal that the asset is gaining popularity,” read Coinbase’s description of its trading activity metric.

Despite the increasing number of bids, SHIB’s price declined 2.27% in the last day to $0.0000819, as per data from Benzinga Pro.

The uptick in retail interest can be attributed to the launch of Shibarium, Shiba Inu’s Layer 2 solution, which is expected to go live this month.

Everyone thinks it’s launching this week. People will be crushed that it doesn’t launch.
— CRYpto_HODler_2.0 (@melody_schrock) June 8, 2022

Users hypothesized that Shibarium was due for an imminent launch following a tweet from lead Shiba Inu developer Shytoshi Kusama.

Further speculation was driven by a scheduled mainnet upgrade of Unifcation and xFUND, which are currently working on developing Shibarium.

Guess...@UnificationUND does main system upgrade Wed 8th. They stress test system for 48hrs. All goes well #Shibarium releases Friday Evening. Followed by @wellyfriends NFT minting SAT. for Shiboshi/Leash Holders, then WL , then public if any left. #SHIB
— DangerSHIB (@fixaco23) June 2, 2022