Even though Coinbase has added a slew of new assets this year, it has maintained its reputation for the golden standard with regard to high-profile crypto listings.
The Shiba Inu meme token, which was launched on Coinbase Pro in January but listed on the main Coinbase website just recently, rose 11% after trading only one hour after it was listed on the main Coinbase website.
SHIB’s Introduction to Coinbase.com
The coin, created by the pseudonymous “Ryoshi,” is in operation on the Ethereum network. In the last year, Dogecoin rose to popularity after Tesla CEO Elon Musk promoted it as a tribute to a Shiba Inu dog joke from a decade ago. Dog-themed competition now has a market thanks to DOGE’s pricing coming back from the dead.
The blog post states the following:
Starting today, Shiba Inu (SHIB) is available on Coinbase.com and in the Coinbase Android and iOS apps. Coinbase customers can now trade, send, receive, or store SHIB in most Coinbase-supported regions, with certain exceptions indicated in each asset page here. Trading for these assets is also supported on Coinbase Pro .
Shiba Inu (SHIB) is a token that aspires to be an Ethereum-based alternative to Dogecoin (DOGE), the popular memecoin. Unlike Bitcoin, which is designed to be scarce, SHIB is intentionally abundant — with a circulating supply of one quadrillion. The Shiba Inu Token ecosystem supports projects such as an NFT art incubator and the development of a decentralized exchange called Shibaswap.
One of the most common requests we hear from customers is to be able to buy and sell more cryptocurrencies on Coinbase. We announced a process for listing assets, designed in part to accelerate the addition of more cryptocurrencies. We are also investing in new tools to help people understand and explore cryptocurrencies. We launched informational asset pages (see SHIB), as well as a new section of the Coinbase website to answer common questions about crypto.
Why Are There So Many Meme Coins?
The primary reason for creating new meme tokens today is not to enable the use of a protocol or to act as votes on governance issues or even to be spent. Creators of meme coins might hope that a critical mass of users will form as it did with Dogecoin when it first started. ShibaSwap, a Shiba Inu-based decentralized exchange, is one example of a popular dog breed’s influence on the cryptocurrency world.