Shiba Inu Price Upsurge As SHIB Added to Coinbase Pro

Price Surges as Shiba Inu Added to Coinbase Pro
  • Shiba Inu and Dogecoin are down up to 75% from their all-time highs.
  • SHIB price has just hit critical resistance.

Shiba INU (SHIB), the second most popular meme coin, soared 35% on Friday after Coinbase announced that users may trade, transmit, receive, and store SHIB on its platform. A meme coin is a cryptocurrency that is linked with a concept, usually as a joke. Shiba Inu aims to be an Ethereum-based meme coin like Dogecoin (DOGE), which has a market value of over $33 billion.

Japan’s Shiba Inu hunting dog breed inspired the coin dubbed “DOGECOIN KILLER.” Unlike Bitcoin, which is intended to be rare, SHIB is intended to be plentiful. This joke coin has approximately 500 trillion in circulation already.

The Shiba Inu coin, created in August 2020 by an unknown individual known as Ryoshi. Memecoins are notoriously volatile cryptocurrencies that fluctuate rapidly in response to news events. Both tokens Shiba Inu and Dogecoin are down up to 75% from their all-time highs. However, the blue-chip crypto, bitcoin, is up about 340 percent yearly basis.

Released Delayed Due to Technical Glitch

When the asset was launched on Binance and Coinbase Pro, the surge was comparable but less intense. Despite a small retreat, the price continues to rise, indicating a more dramatic surge. Moreover, the price is continuously trying to stop the bears from taking all the gains and lowering the value.

Coinbase, a popular cryptocurrency exchange, now accepts Shiba Inu. Customers may now trade Shiba Inu on Coinbase.com and the company’s iOS and Android applications. After a technical issue delayed the June release, the recent addition of Shiba to Coinbase Pro took place, its professional trading platform.

Currently, the SHIB price has just hit critical resistance and dropped below it. A break of these levels would allow the price to test the next resistance zone. As per CoinMarketCap, SHIBA INU price is $0.000008 USD with a 24-hour trading volume of $2,658,636,133 USD. Also, SHIBA INU is up 15.79% in the last 24 hours.

Recommended for You

A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.