The price of Shiba Inu's native token exploded by more than 40% just a day after being listed on Coinbase.
Listings on the largest US-based cryptocurrency exchange typically result in immediate price surges, and this transpired once again with Shiba Inu. SHIB surged by 44% in a day to a new monthly high.
Coinbase announced yesterday the latest token to be listed for trading on its primary platform, Coinbase Pro, and on the two applications for Android and iOS.
The exchange enabled its customers to trade, send, receive, or store SHIB tokens in “most Coinbase-supported regions, with certain exceptions.”
Shiba Inu saw the light of day as the Dogecoin mania was going wild. In fact, it advertised itself as a DOGE-killer. Unlike the meme coin that was launched as a joke in 2013, Shiba Inu promised to release a decentralized exchange, which it did earlier this year dubbed Shibaswap.
The listing on Coinbase was met with a rapid price surge, as it has happened so many times in the past when a new token reaches the giant exchange.
SHIB stood at $0.0000065 yesterday ahead of the announcement when it exploded by roughly 45% to a high of $0.0000095. This became its highest price line since mid-August.
Despite retracing to $0.0000085 in the hours that followed, SHIB is still more than 20% up on the day. Its market capitalization is north of $4 billion, and the token is the 46th largest by that metric, according to CoinGecko.
Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn
