Shiba Inu Coin’s value skyrockets after Coinbase announcement

Shiba Inu Coin’s value skyrockets after Coinbase announcement

BUSINESS | Jun 21, 2021 | WOZINGA NEWS

Shiba Inu Coin’s value skyrockets after Coinbase announcement

  • Shiba Inu cryptocurrency has recently risen in value as a result of a new announcement that will make it more accessible to potential investors.
  • Coinbase announced on Tuesday that the Shiba Inu coin will be added to Coinbase Pro starting this week.

By Elah Mae Ariate Wozinga Journalist

A cryptocurrency analytics firm, Santiment said, the Shib coin rose so much in May. It is because investors thought it would be the next Dogecoin. Indeed, some speculated that Shib coin would be the “Dogecoin killer.”

Now, Shiba Inu experienced a surge in value again, according to the report. This is because of the new announcement that Coinbase Pro, a cryptocurrency exchange platform, will list the coin on its platform.

Coinbase Pro adds Shiba Inu (SHIB)

Coinbase announced on Tuesday that the Shiba Inu coin will be added to Coinbase Pro starting this week. This enables people to purchase the meme-based cryptocurrency, which has been viewed as a competitor to Dogecoin, based on Bitcoin news.

According to Fintech  Zoom.com, “Coinbase added SHIB a little more than a month after that coin’s creation, in contrast to its addition of Dogecoin, which seemed to take DOGE years.”

On Thursday, people were supposed to be able to trade their Shiba Inu tokens on Coinbase Pro. According to Investor Place, technical issues prevented people from trading right away.

Coinbase Pro stated on Twitter, “We are experiencing technical issues that will temporarily delay the launch of SHIB.” We are currently disabling SHIB deposits; however, withdrawals are still available. We will provide an updated timeline for restoring deposits and enabling trading as soon as possible, the company added.

Coinbase price pop Phenomenon

In recent years, Coinbase has been regarded as an important gatekeeper in the crypto universe. Also, coins that are listed on the platform tend to increase in value. Following the announcement, the Shiba Inu coin increased by more than 30% on Tuesday, according to Barron’s report.

“We want to be the Amazon of crypto, where people can find and buy the assets they want,” said Coinbase spokesperson. They intend to list every legally permissible asset possible.

Coinbase stated in its most recent earnings report that it is concerned about customers switching to other platforms if certain coins are not available on Coinbase. Following the earnings call, it quickly listed Dogecoin and has been expediting the listing process, giving coin creators and users new ways to apply for listings.

However, the company insists on maintaining high standards for the new coins. “Based on the information we have access to, we are confident that the assets available on our platform are appropriate for retail customers,” the spokesperson wrote.

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