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Shiba Inu, the China-based meme coin, spiked more than 34% Friday after trading on Coinbase. Earlier this week, Coinbase announced it supports meme coin Shiba Inu for its customers. Because of this, the trade volume of the token increased, leading to a surge in its price. SHIB is presently the 47th largest crypto globally. It has a $3.4 billion market capitalization. Bitcoin is first, while Dogecoin comes in ninth.
According to Coinmarketcap, the coin’s market cap spiked from over $2.2 billion to about $3.5 billion in less than 24 hours. That’s super performance, but the individual coins have a long way to go before they’re at any notable level. Generally, SHIB has an inflow of up to $870 million streaming into the asset within 24 hours.
Coinbase Pro Listing
In September, Coinbase listed Shiba Inu on Coinbase Pro, its professional trading platform. Initially, Coinbase announced the addition in June but postponed it due to a technical issue. Presently, the up-and-coming ETH-based DOGE option is listed on the leading crypto platform. Coinbase customers can now trade Shiba Inu on Coinbase.com and the platform’s mobile apps on Android and iOS.
The SHIB/USDT exchange rate rose over 16.40% to $0.00000950 for the first time since June this year. The development is part of the general bullish trend that began on Thursday, wherein SHIB rallied by over 24%. Subsequently, the token ended up pushing its returns up by more than 40% in less than three days of trading.
Elon Musk’s Endorsement
SHIB is an Ethereum-powered cryptocurrency that is almost the same as Dogecoin. SHIB profits started flowing soon after Elon Musk tweeted about the arrival of a new Shiba Inu puppy, Floki. The meme coin often draws more value when it gets a mention on social media. That is so since hype drives its value up primarily. When social media excites it up, people learn more about the coin and invest.
Ben Caselin, AAX Head of Research & Strategy, notes the community should not dismiss the coin. He says it’s essential to realize that this is the mass movement of new traders to crypto.
Shiba Inu’s success depends on its adoption, not utility. Traders purchase SHIB with the expectation more people will join them and grow the community, just like DOGE. Shiba Inu has been using its fame to launch a dedicated decentralized exchange known as ShibaSwap.