Shiba Inu, one of the most popular meme-based cryptocurrencies, has created new record highs after being listed on the Coinbase cryptocurrency exchange. The coin has soared by over 40% in value, according to data from Coingecko, since getting listed on the exchange.
Coinbase is one of the largest cryptocurrency exchanges. The latest addition of SHIB will make the token available to more traders, which will boost trading volumes, and we could see the coin reclaiming its highs.
Traders can now Buy SHIB on Coinbase
In a blog post, Coinbase stated that “Starting today, Shiba Inu (SHIB) is available on Coinbase.com and in the Coinbase Android and iOS apps. Coinbase customers can now trade, send, receive, or store SHIB in most Coinbase-supported regions, with certain exceptions indicated in each asset page – trading for these assets is also supported on Coinbase Pro.”
Coinbase also confirmed the same on Twitter. Earlier on, the exchange had added SHIB on Coinbase Pro. There has also been speculation that the coin would be added to the Coinbase Custody platform. The platform allows people to deposit and withdraw various crypto assets. If the speculations are trust, SHIB will be among the supported coins on the platform.
Shiba Inu Skyrockets
Since news of the listing was made public, Shiba Inu has been gaining in value. Shiba Inu is a meme coin, and one of the main characteristics of meme coins is that their price action is driven by social media hype. The news of the listing, therefore, caused a buzz and drove the prices of the coin.
The surge caused by the listing has happened several times for Shiba Inu. Towards the end of July, SHIB was also listed on eToro, and the coin made a significant surge following the news. The price action also happens with any token whenever it is listed on a major exchange.
SHIB is currently trading at $0.00000821 after dipping slightly by around 6.6% in the past 24 hours. Before the listing on Coinbase, the coin was trading at $0.0000065, before making a 45% flip that skyrocketed the value to a new monthly high of $0.0000095. SHIB’s market capitalization is over $$ billion and ranks as the 49thy largest cryptocurrency going by this metric.
Unlike most meme coins, Shiba Inu has evolved to release some strong use cases for the coin. Shiba Inu launched the ShibaSwap decentralized exchange a few months back, attracting many users and hitting a total locked value (TVL) of $1.5 billion in two days.