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Another one of those meme tokens has been gaining quite the traction as of late as the China-based crypto that is Shiba Inu (SHIB) surged to over 30 percent on Friday. This after it made its debut on the cryptocurrency exchange platform of Coinbase.
Shiba Inu on Coinbase
Coinbase – on Thursday made it known that Shiba Inu was being traded on their platform as this is said to deliver a fresh jumpstart to the digital currency that is deemed as a meme of a meme coin. Per CoinMarketCap, SHIB’s market cap was seen at almost $3.5 billion in less than 24 hours from its previous $2.3 billion. Albeit that impressive leap, let’s be reminded that each of its digital coins has a long way ahead before it could be at a notable amount.
As of writing, a single Shiba Inu coin is priced at $0.000008 alongside a 24-hours trading volume of $783,159,014. Further, SHIB’s price is down by 2.39 percent in the last 24 hours with a market cap of $3.14 billion making it the 50th largest digital asset in that criterion.
Elon Musk’s blessing?
Tesla and SpaceX CEO Elon Musk is known to have some sort of participation in dogecoin’s (DOGE) price surge earlier this year. He heavily promoted DOGE over on social media and even when he hosted an episode of “Saturday Night Live.”
That said, folks were given the impression that Musk could’ve given his blessing to Shiba Inu when he tweeted a picture of his sleeping puppy alongside the caption “Floki has arrived.” The said tweet resulted in SHIB’s price surging by 40 percent.
Reports also suggest that on Friday, dogecoin’s price has been observed to be pushed up a bit because of this as it was seen to rose by two percent.
SHIB should not be ignored — experts
Crypto pundits, on the other hand, stated that the popularity Shiba Inu’s been getting recently should not be ignored. This is said to be the reflection of the behaviors of a new and emerging type of cryptocurrency traders.
Back in May, the head of research and strategy of the cryptocurrency exchange AAX – Ben Caselin spoke with Fortune and said that rather than simply dismissing the hype outright, it is essential to realize that they are seeing is the mass movement of traders who are new to crypto moving into the space. As for Coinbase, they’re trying to increase activity and trading revenues on their platform, and introducing digital assets like Shiba Inu could be an avenue for them to push that mission.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
