After major crypto exchange Coinbase said it is adding dogecoin competitor Shiba Inu, fan token platform Chiliz, and Keep Network, a platform that seeks to connect public blockchains with private data, the price of these tokens skyrocketed.
Coinbase Pro customers may now deposit CHZ, KEEP, and SHIB into their accounts as of today. Trading will commence at 9 a.m. Pacific time or later. Residents of New York will not be able to access CHZ or SHIB.
The announcement states,
Starting immediately, we will begin accepting inbound transfers of CHZ, KEEP and SHIB to Coinbase Pro. Trading will begin on or after 9am Pacific Time (PT) Thursday June 17, if liquidity conditions are met.
Once sufficient supply of CHZ, KEEP and SHIB is established on the platform, trading on our CHZ-USD, CHZ-EUR, CHZ-GBP, CHZ-USDT, KEEP-USD, SHIB-USD and SHIB-USDT order books will launch in three phases, post-only, limit-only and full trading. If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules.
SHIB’s Recent Rise
The price of SHIB, Shiba Inu’s token, has risen more than 31% in the past 24 hours as a result of the additions, implying that millions more individuals may trade the tokens. The price of CHZ, Chiliz’s token, has risen 18.3 percent in the past 24 hours. KEEP, the token of Keep Network, is up 14%.
Coinbase added SHIB a little over a month after it was created, compared to Dogecoin, which took years to add. This represents a significant shift in the exchange’s strategy, which was revealed when dogecoin was added on June 1.
A month and a half after the crypto exchange went public on Nasdaq under the ticker COIN, the updated policy was released. The stock of Coinbase is currently selling at a substantial discount to its original trading price.
CHZ, KEEP, and SHIB in a Nutshell
Chiliz (CHZ) is an Ethereum token that powers Socios.com, a website that allows users to exchange tokens to support professional sports teams. The Fan Tokens on Socios.com are used to qualify users for incentives and promotions, as well as to influence team choices via public voting on the Chiliz blockchain.
Keep Network (KEEP) is an Ethereum currency that drives the Keep Network, a platform that seeks to connect public and private blockchains. Keep Network’s initial offering is tBTC, an Ethereum token that represents one Bitcoin.
Users may deposit Bitcoin and redeem tokenized tBTC, which can subsequently be utilized in the Ethereum ecosystem without the need for centralized middlemen.
Shiba Inu (SHIB) is a currency that aims to be an Ethereum-based equivalent to the popular memecoin Dogecoin (DOGE). Unlike Bitcoin, which is intended to be rare, SHIB is meant to be plentiful, with a one quadrillion circulation supply. The Shiba Inu Token ecosystem supports initiatives like the NFT art incubator and the creation of Shibaswap, a decentralized exchange.