Following the launch via Coinbase Pro, the Coinbase team today announced that it now has support on its main platform for trading Shiba Inu (SHIB), the Dogecoin-inspired token that generated a lot of buzz among enthusiasts and investors at the time.
Shiba Inu now on Coinbase
This was announced by the Coinbase team in a statement published on its official website, where it notes that the SHIB token is available for buying, selling, storing and exchanging via its main platform, as well as in the exchange’s apps for devices running Android and iOS operating systems.
Coinbase had originally planned to launch Shiba Inu officially on its various platforms in mid-June. However, due to a series of technical difficulties, the launch was delayed until early September, when they officially opened trading through Coinbase Pro, the company’s service for buying, selling and exchanging digital currencies via market orders.
At the time, the team indicated that the launch of Shiba Inu via Coinbase and its associated products would take place at a later date. Bear in mind that here, exchanges between one token or another are carried out directly, without an order system, at the average market rate at the time.
More market space for SHIB
The addition of SHIB to Coinbase comes just days after Binance, the international exchange with the highest trading volume, reported that the token was now available for trading in the US via Binance.US.
Trading platform eToro also took the plunge and listed Shiba Inu at the end of July. It said the move was the result of strong demand from a group of Shiba Inu army users, who lobbied for the token to be added to their respective exchange lists.
All set for take-off?
While digital currency enthusiasts celebrate Coinbase’s move, analysts and enthusiasts are wondering whether the addition of Shiba Inu to the aforementioned exchanges is what it takes for the token to reach new all-time price highs.
The SHIB token recorded its highest values in the first few days of May, when it managed to trade at highs equivalent to USD 0.00003503 per unit. In a risky move, given that the digital currency runs on Ethereum, the team responsible for the project proceeded to send half of the total supply to the public address used by the co-founder and lead developer of the Blockchain network, Vitalik Buterin, who instead of keeping them donated them to fund the fight against COVID-19 in India. Although this act was done for altruistic purposes, the introduction of these tokens to the market led to a dizzying fall in the digital currency.
Since then, although the team behind Shiba Inu has finally launched the decentralised exchange envisaged in the project’s roadmap, the token’s value has yet to return to pre-Butterin levels. And while platform listing has had a slight positive effect on its price, the question remains whether this will be enough to return SHIB to its former glory.
