Shiba Inu Coin (SHIB) has finally been listed on Coinbase after several delays, sparking widespread discussion on social media platforms. Within just two days of trading availability, SHIB surged by over 40% by Friday (17th).
Current Market Performance
- Market Cap: Approximately $3.3 billion (ranked #47 among global cryptocurrencies).
- Price: ~$0.00000950 per SHIB.
Coinbase Listing Details
Coinbase announced on Thursday that SHIB is now available for trading, sending, receiving, and storing on its platform (including mobile apps for Android and iOS). Most Coinbase-supported regions can access SHIB, which had already been listed on Coinbase Pro earlier this month.
The listing was initially planned for mid-June but faced technical delays.
Rise of Shiba Inu Coin
SHIB gained attention earlier this year alongside Dogecoin (DOGE). Created by an Ethereum supporter, its unique supply mechanism involved gifting 500 trillion SHIB to Ethereum founder Vitalik Buterin, leaving 500 trillion in circulation.
Key Drivers for SHIB’s Growth
- Community Adoption: Traders speculate SHIB’s community will mirror Dogecoin’s explosive growth.
- ShibaSwap: A dedicated decentralized exchange launched to capitalize on SHIB’s popularity.
Challenges and Price Volatility
- Token Burns: ShibaSwap burned $25,000 worth of SHIB in August to boost demand.
- Vitalik’s Donation: Buterin donated half his SHIB holdings to India’s COVID-19 relief fund and burned the rest, causing an ~80% price drop from its peak.
Frequently Asked Questions (FAQ)
1. Why did SHIB surge after its Coinbase listing?
Listing on a major exchange like Coinbase increases accessibility and credibility, attracting new investors and traders.
2. What makes SHIB different from Dogecoin?
While both are meme coins, SHIB operates on Ethereum’s blockchain and has a deflationary mechanism via burns.
3. Is SHIB a good long-term investment?
High volatility and reliance on community enthusiasm make SHIB speculative. Diversify investments and research thoroughly.
4. How does ShibaSwap benefit SHIB holders?
ShibaSwap offers staking, farming, and token burns to potentially increase SHIB’s scarcity and value.
5. What caused SHIB’s price crash earlier this year?
Large donations and burns by Vitalik Buterin temporarily reduced demand, leading to a steep decline.
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