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Coinbase now allows trading of ‘dogekiller’ Shiba Inu token

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Coinbase recently revealed that the meme cryptocurrency and self-labeled “Dogekiller” shiba inu will start trading on Coinbase Pro this week.

Following the development, the token’s price skyrocketed. According to the latest tracking from CoinGecko, the crypto’s price stands at $0.00000902. It is up by more than 27% for the past 24 hours and made a climb of almost 23% for the past seven days.

The ERC20 digital currency that is considered by some to be a viable alternative to dogecoin was listed by Coinbase earlier this month and with the go signal for it to start trading, Coinbase Pro users can now transfer their shiba inu token holdings in their accounts.

Favoring the dogecoin spin-off

The Nasdaq-listed business got the SHIB listed just more than a month after its creation. In contrast, it took a significantly longer time for Coinbase to list the original meme crypto dogecoin.

Nonetheless, this is viewed by some industry players as a significant change to the approach of the exchange.

The move follows a company announcement made on June 1 which also covered the addition of chiliz (CHZ) and Keep Network (KEEP) on the platform. Aside from dogecoin, Coinbase also recently provided trading support for a number of tokens such as polkadot (DOT), gitcoin (GTC), enzyme token MLN), amp (AMP) and internet computer (ICP).

What is SHIB?

Shiba Inu, just like dogecoin, is a meme coin, but is mostly considered as a spin-off cryptocurrency of the latter.

Being an ERC20 token, the crypto, unlike the 2013 joke cryptocurrency, functions on the Ethereum blockchain network. It is recognized as the 17th largest coin by market capitalization, valued at more than $9 million.

Its market cap is bigger than that of some projects such as Stellar, Ethereum Classic or Dai.

Image courtesy of Cointelegraph News/YouTube

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Source: https://bitcoinerx.com/bitcoin/coinbase-now-allows-trading-of-dogekiller-shiba-inu-token/

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