- Meme coin Shiba Inu surges over 30% starting another uphill run.
- Coinbase’s proposed listing of the “Dogecoin killer” is the reason for the recent surge.
- Meme coins are no joke anymore as their market capitalization exceeds $45 billion
- The move by Coinbase to list $SHIB is laudable and a move that will benefit both parties.
The mass adoption of cryptocurrencies and digital assets has led to the proliferation of altcoins in the market. Meme coins like Dogecoin, which started as a joke, are now “a 39 billion dollar joke” following its mass adoption, in part thanks to Elon Musk.
Another impressive development has come out of meme coins; Coinbase announced that Shiba Inu’s token $SHIB will be listed on Coinbase Pro this week. The announcement comes after the company listed the popular meme coin, Dogecoin, earlier this month. The move suggests the obvious; that meme coins, though they started as jokes, are now a goldmine in the industry and the big exchanges cannot ignore them any further.
SHIB Is Coming to Coinbase
The “Dogekiller”, Shiba Inu, will be listed on Coinbase Pro this week following an announcement from Coinbase on Tuesday. Following the listing of the No 1 meme coin, Dogecoin earlier this month, Coinbase plans on including yet another meme coin by popular demand.
Shiba Inu can be seen as an alternative for Dogecoin; it is fast experiencing mass adoption as users see it as ‘quick money’ due to its volatility.
Popular exchange Binance already listed Shiba Inu back in May and America’s largest cryptocurrency exchange Coinbase will soon join it. Trading will begin at 9AM PT on Thursday if the liquidity conditions are met.
All Coinbase users can now transfer the token into their account, excluding New York residents. The price of Shiba Inu could be riding for the stars as it jumped over 30% after the announcement by Coinbase.
Shiba Inu plans to go above Dogecoin and to achieve this, it has to gain mass adoption; its listing on Coinbase is a step in the right direction.
SHIB/USD and SHIB/USDT order books will be launched in three phases on Coinbase Pro once a sufficient supply of Shiba Inu is established. “Post Only”, “Limit Only” and finally “Full Trading” stages are compatible with Dogecoin.
On the Flipside
- Despite Shiba Inu’s listing on Coinbase, it is still a long way off challenging Dogecoin in the market.
- The current bearish market will limit the massive run of Shiba Inu.
Meme Coin Season?
Meme coins gained popularity after Dogecoin’s massive adoption this year. Dogecoin went up over 7000% this year and is now known as a ‘billion dollar’ joke.
Backed by Elon Musk, the coin has done wonders in the market this year and has no maximum supply. Currently, the market capitalization of Dogecoin stands at over $39 billion.
Users love meme coins due to their volatility and profits for early holders. Most users see them as a quick money-making scheme.
Shiba Inu on the other hand was developed to rival Dogecoin. It has a market capitalization of $3.49 billion surging over 30% following the news of its listing on Coinbase.
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