Shiba Inu surges 35% after Coinbase adds support for the meme token
After the US Coinbase stated that its customers can trade, send, receive or save SHIB on its platform, Shiba Inu (SHIB), the second largest meme coin, rose by more than 35% on Friday.
According to data from CoinGecko, a digital currency pricing and information data platform, at around 12:15 pm IST, the transaction price of
SHIB was 0.00000900 US dollars, an increase of 33.5%. The market value of the token is approximately US$4.47 billion.
Shiba Inu’s goal is to become an alternative to Ethereum-based Dogecoin (DOGE). Dogecoin is the world’s largest and most popular meme coin with a market value of more than 33 billion U.S. dollars. The trading price of the token also increased by 4% to $0.253684.
The coins named after them are nicknamed “DOGECOIN KILLER”. Trillions. There are approximately 500 trillion of these memetic cryptocurrencies in circulation today. The price of
Shiba Inu coins was created by an anonymous person named Ryoshi in August 2020. It is negligible and allows investors to hold dozens of them. Billions or even trillions of such coins.
Memecoins is a highly volatile cryptocurrency, which is known to fluctuate drastically due to news events.
Last year, Shiba Inu increased by 89.76.638.5%, while Dogecoin increased by 8.933.8% over the same period. However, both tokens are 75% below their historical highs.
On the other hand, the blue-chip cryptocurrency Bitcoin is rising by about 340% every year.
Tesla CEO Elon Musk recently posted a photo of a new Shiba Inu puppy sleeping on the floor on Twitter.
In response to this tweet, a floki-themed cryptocurrency called Floki Inu rose by more than 1,000% in a few hours. After the US cryptocurrency exchange Coinbase announced that it would list the token on its professional platform,
Dogecoin rose by more than 20% in February. Coingecko has tracked a total of
meme tokens, with a total market value of nearly 38 billion U.S. dollars.