Coinbase, one of the largest cryptocurrency exchanges, provides statistics on some cryptocurrencies. According to the latest statements of the exchange, AVAX, DOGE, SHIB are among the most popular cryptocurrencies in wallets on Coinbase. Here are the details…
Coinbase whales focus on AVAX and these
Statistics for October of Coinbase, the largest cryptocurrency exchange in the USA by transaction volume, have emerged. According to analytics platform Crypto Differ, major users on Coinbase hold the following cryptocurrencies the most:
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
- USD Coin (USDC)
- Binance USD (BUSD)
- Dogecoin (DOGE)
- Cardano (ADA)
- Left (LEFT)
- Polygon (MATIC)
- Polkadot (DOT)
- Shiba Inu (SHIB)
- DAI (DAI)
- Avalanche (AVAX)
- Uniswap (UNI)
- Wrapped Bitcoin (WBTC)
These cryptocurrencies are also the largest cryptocurrencies with their market value. In fact, most of the cryptocurrencies in the top 15 are on the list. Also on the list are stablecoins. cryptocoin.com As we have also reported, USDT, USDC, BUSD are stablecoins. Among them, BUSD draws attention. As it is known, BUSD is the stablecoin of Binance exchange, which is the competitor of Coinbase.
What do these mean?
Generally, BUSD is the coin held in accounts for the least amount of time. According to the data, the typical holding time in BUSD is 1 day. The most held coin is SHIB with 204 days. Cardano follows SHIB with 176 days. Then comes SOL, ETH, MATIC. Dogecoin, the largest meme coin, takes an average of 105 days in wallets.
The current uncertainty in the market may be behind stablecoins being one of the most popular. The value of stablecoins is pegged to an external asset such as gold or fiat currency. This causes their reputation to rise in terms of reliability. Many experts are emphasizing the importance of stablecoins to somehow stay in the market.
For example, although Bitcoin remains the most popular cryptocurrency, it tends to suffer from high volatility in its price. For example, the price of Bitcoin rose from just under $5,000 in March 2020 to over $63,000 in April 2021. All this volatility can be great for traders. But it turns routine transactions such as purchases into risky speculation for buyers and sellers. Investors who hold cryptocurrencies to gain long-term value do not want to incur losses. At this point, stablecoins act as an important tool as they provide stability.
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