Shiba Inu grabs ‘best performer’ tag amid order book merge on Coinbase

Lavina Daryanani
Source: WG Archives

Crypto exchange Coinbase recently revealed its plan to merge its USD and USDC order books in mid-July. Announcing the same on a Twitter thread, the exchange said it intends to boost liquidity.

“On July 13, Coinbase Exchange will be unifying USD and USDC order books. As part of the unification process, USDC order books will be merged under USD order books to create a better, more seamless trading experience with deeper liquidity for USD and USDC.”

The changes, as such, will impact Coinbase Exchange, Coinbase Prime, Coinbase Pro, and Advanced Trade users. However, the website and mobile app users will not be affected by these changes.

Concerning the how things would work for different users post the balance gets unified, Coinbase clarified:

Source: Twitter

All open USDC orders on July 13 will be canceled. Users will have to place new orders on the USD book to proceed with their transactions.

SHIB among hand-picked coins that have fared well post Coinbase listing

Despite the USD-USDC order book merge, Shiba Inu is one of the few coins that continues to trade above its Coinbase listing price.

Per pseudonymous on-chain analyst Onchain Wizard’s analysis, coins listed on Coinbase in 2021-22 have lost an average of 72% of their value. Their median price performance, however, stood much lower at -82%.

Out of around 125 cryptocurrencies being listed in the said period, only 10 outperformed Bitcoin. Notably, Shiba Inu was “the best performer,” with a 49% rise from its listing price as of June 24. Alongside, it can be inferred from the long listicle in the thread that Shiba Inu has over-performed Bitcoin by a substantial 105%.

Here, it is also interesting to note that Shiba Inu has been “shining” in the current market conditions, for its adoption has been on the rise.

On Thursday, as most top cryptocurrencies shed 5%-8% of their values, SHIB was down by merely 1%. With a market cap of $5.3 billion, SHIB was trading at $0.0000097 at press time.

Source: Twitter