Coinbase, the leading cryptocurrency exchange, announces its support for meme coin Shiba Inu. SHIB is a meme token based on the Ethereum chain. The coin’s creation was to make it an option to meme coin Dogecoin.
Customers on coinbase can now trade Shiba Inu on the coinbase platform and the firm’s mobile apps on iOS and Android. SHIB is currently listing on Coinbase Pro – whose minor mechanical fault had led to its delay since June.
SHIB society was celebrating this progress, sending the coin to rise above 20% twenty-four hours after the big news. Shiba Inu are known for giving Vitalik Buterin a massive part of the SHIB worth $1 million, which he gave to a charity in India.
Furthermore, Tesla CEO Elon Musk also sent celebrations among SHIB’s investors after posting a picture of a new puppy, a Shiba Inu, saying Shiba Inu will be named Floki.
Dogecoin team was however unhappy with Musk’s tweet. The team was expressing their disappointment in response to Musk’s tweet saying that his “DOGE is shaped somewhat like a small bean.”
DOGE price is currently trading more than 4.2% lower at $0.2341. However, Dogecoin investors are busy promoting the $1 DOGE threshold as a marked price for the meme coin.
Coinbase Other Plans
Coinbase has now attracted another battle following its announcement before the regulatory scrutiny that it is launching a lending product in October. This has aroused the eyebrows of the U.S SEC.
The scrutiny team has since given a notice to Coinbase to stop its plans, or the SEC will sue them.
In addition, Coinbase applies with the National Futures Association to seek permission to trade on Futures. If approvals go through, they will be put under the CFTC. Coinbase will be joining the CME and others before it in trading futures against BTC and ETH.
Will SHIB Price Reach $1?
Prices of Shiba Inu have risen recently. SHIB soared by 400% percent in just one week, tapping a top market cap of $14 billion. But this most recent gain has not been still pending that the value of the coin dropped by almost a third since October 7.
However, Shiba Inu’s recent gain has not passed the investors’ eyes especially having made the coin surge to be the 12th most valuable crypto token. But will Shiba Inu coin reach $1?
Yes but in the long run. According to analysts, the interest rate and price hikes cannot sustain it to reach $1 at least not for the short term.
Having grown more than 8,000 percent in the last year Shiba Inu’s future appearance is vulnerable to excessive volatility. Therefore investors should be careful while investing in it.