Coinbase, the major US cryptocurrency exchange, has added the shiba inu (SHIB) token on Coinbase Pro, the trading platform for more experienced cryptocurrency traders. The bitcoin (BTC) exchange announced this on September 8:
Shiba inu trading will start today at 6:00 PM GMT on Coinbase Pro, if enough people have deposited SHIB for liquidity. Coinbase reports that SHIB will be available on the regular Coinbase and mobile app at a later date, but will make an announcement about that first.
Spin-off dogecoin
Shibu is a so-called spin-off of the well-known dogecoin (DOGE), both tokens are called “meme crypto” these days. https://renovato.io/ has enough information. Also, both tokens use the Japanese Shiba Inu dog as their mascot. Although dogecoin once started as a joke, its price has risen enormously this year. That was partly thanks to the support of Tesla CEO Elon Musk.
Also contributing to the increase was the infamous “Coinbase effect.” Often enough, we have seen the price of a crypto skyrocket as soon as Coinbase announces a new token to list on the exchange. That also happened briefly for Dogecoin, which briefly rose almost 40% in early June from $0.315 to $0.435.
Heavy correction
However, that was short-lived, because the market was already in a heavy correction down that also dragged dogecoin. We now see the same with shiba inu, the price shot up just as hard yesterday evening, shortly after the Coinbase announcement. Folm.io crypto has enough information. The SHIB price rose almost 34% in just a single hour from $0.00000589 to $0.00000788. However, the price then corrected sharply downwards and is currently hovering around $0.000007.
SHIB’s listing does receive criticism. Several crypto traders are surprised that a meme crypto again takes precedence over some more “real” projects.