The price of the Shiba Inu cryptocurrency surged on Tuesday after Coinbase revealed that the meme cryptocurrency will start trading on Coinbase Pro this week.
Coinbase to trade Shiba Inu
coinbase announced The Shiba Inu (SHIB) crypto will begin trading on Coinbase Pro this week on Tuesday, following the listing of the meme cryptocurrency Dogecoin (DOGE) earlier this month. Some consider the ERC20 crypto Shiba Inu to be a viable alternative to Dogecoin.
According to a Nasdaq-listed business, Coinbase Pro users can now transfer Shiba Inu tokens to their accounts. However, New York residents will not be able to use SHIB. The firm clarified:
If liquidity conditions are met, trading will begin on or after Thursday, June 17 at 9 a.m. Pacific Time (PT).
Coinbase added SHIB a little over a month after that coinThe creation of, in contrast to the addition of Dogecoin, which seemed to take place in the Doggy years. This signifies a sea change in the approach to the exchange, a change announced At the time of adding Dogecoin on June 1.
The announcement also included Chiliz (CHZ) and Keep Network (KEEP). In addition to Dogecoin, the company recently added trading support for a number of tokens on Coinbase Pro, including Polkadot (DOT), Gitcoin (GTC), Enzyme Token (MLN), amp (AMP), and Internet Computer (ICP).
shiba inu is a meme coin Similar to Dogecoin, which was inspired by the 2010 Shiba Inu meme. However, it is an ERC20 token, which means that it operates on the Ethereum network, unlike DOGE.
The unnamed founder of Shiba Inu, Ryoshi (a pseudonym) made an unwise decision to send half of the token supply to Vitalik Buterin, the founder of Ethereum. Why? Ryoshi claims that he wanted to reduce the supply of the Shiba Inu and increase its value.
Two days after the Shiba Inu was listed on Binance, Buterin donated $1 billion of the Shiba Inu to the India-based COVID-19 Fund. Unfortunately, the coin suffered losses as a result and tanked to painful lows.
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Now that Coinbase has added the Shiba Inu to its list of supported cryptocurrencies, holders of the “Dogecoin killer” token are now raising new hopes that the Shiba Inu may surpass its Elon Musk-led rival to the Moon.
Prices jump after announcement
The price of the Shiba Inu cryptocurrency has risen by over 30% at the time of Coinbase’s announcement. At the time of writing, based on data from Coinbase, SHIB is worth $0.0000092 and has a market cap of $3.6 billion.
Trading of the SHIB-USD and SHIB-USDT order books will begin in three phases, post-only, limit-only and full trading, once a sufficient supply of Shiba Inu cryptocurrency is established on the Coinbase Pro platform, according to the firm.
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Featured image from Pixabay, Charts from TradingView.