The leading US-based cryptocurrency exchange, Coinbase, announced on the 17th that Shiba Inu (SHIB) is now available for trading, sending, and receiving on its platform, including its Android and iOS applications. The exchange noted that some users might need to update their apps to access SHIB-related functionalities.
This listing marks a pivotal moment for the meme-inspired cryptocurrency, significantly boosting its accessibility and legitimacy in the eyes of many investors.
Immediate Market Impact and Price Surge
The announcement from Coinbase had an immediate and profound effect on SHIB's market value. Upon the news breaking, the token's price experienced a sharp upward trajectory.
Starting from a price point of $0.00000661 just before the announcement, SHIB's value skyrocketed, reaching a high of $0.00000944 within a 12-hour window. This represented an impressive price increase of approximately 42%, showcasing the powerful impact of a major exchange listing on a digital asset's valuation. At the time of writing, SHIB was trading around this new high.
A History of Technical Delays
The path to this full listing on Coinbase was not without its hurdles. Initially, the exchange's professional trading platform, Coinbase Pro, had planned to enable SHIB trading for users in supported regions back in mid-June.
However, the launch was postponed at the last minute due to unforeseen technical complications, which necessitated a pause on deposits for the token. The listing was delayed for nearly three months before SHIB trading finally went live on Coinbase Pro the prior week.
Coinbase emphasized its meticulous approach to listing new assets. In an official statement, the exchange outlined its rigorous process: "Once there is sufficient supply of SHIB on our platform, trading for SHIB-USD and SHIB-USDT order books will launch in three phases. We may keep orders in one state for a period of time or suspend trading in accordance with our trading rules if we perceive a threat to an orderly market."
Understanding the Shiba Inu Phenomenon
Shiba Inu (SHIB) emerged in 2020 amid a surge of interest in meme coins, primarily fueled by the astronomical rise of Dogecoin. As a multitude of dog-themed cryptocurrencies appeared, SHIB positioned itself as a community-driven alternative, with its supporters dubbing it the "Dogecoin Killer."
A key differentiator is its enormous total supply. SHIB was created with a total supply of one quadrillion tokens, a figure that vastly exceeds Dogecoin's current supply of approximately 129 billion.
The project's narrative took a significant turn when its anonymous founder, known only as Ryoshi, sent half of the total supply to the wallet of Ethereum co-founder Vitalik Buterin. In a move that shocked the community, Buterin subsequently donated a large portion of these tokens to charity and sent the remainder to a dead wallet, effectively burning them and permanently reducing the circulating supply. This act, coupled with occasional tweets from Elon Musk mentioning Shiba Inus, propelled SHIB into the crypto spotlight.
Beyond being just a meme, the Shiba Inu ecosystem has been expanding. The project launched its own decentralized exchange, ShibaSwap, and has outlined an ambitious roadmap that includes ventures into the non-fungible token (NFT) space and other decentralized finance (DeFi) initiatives. This progress leads many holders to believe that surpassing Dogecoin is a tangible goal for the future.
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Frequently Asked Questions
What does it mean for SHIB to be listed on Coinbase?
A listing on a major exchange like Coinbase provides greater liquidity, makes the token more accessible to a vast user base, and often enhances its credibility within the broader cryptocurrency market. It simplifies the process of buying, selling, and storing SHIB for retail investors.
Why did the price of SHIB increase so dramatically after the announcement?
Exchange listings, especially on top-tier platforms, typically generate significant buying pressure. This is due to increased accessibility, heightened visibility, and perceived validation, which often leads to a surge in demand and consequently, the price.
Can I trade SHIB on all versions of the Coinbase app?
Yes, SHIB is available for trading on the main Coinbase platform and its mobile applications for Android and iOS. Ensure your application is updated to the latest version to see the token and execute trades.
How is Shiba Inu different from Dogecoin?
While both are meme coins, they have different technical foundations and tokenomics. SHIB is an ERC-20 token on the Ethereum blockchain with a much larger initial supply and a developing DeFi ecosystem, whereas Dogecoin operates on its own blockchain with a different inflationary issuance model.
What is the future outlook for the Shiba Inu project?
The project aims to evolve beyond a meme coin by building a comprehensive ecosystem including its swap platform, NFTs, and other utility projects. Its future value will likely be tied to the adoption and success of these ecosystem developments.