Shiba Inu cryptocurrency got a lift earlier this week after well-known exchange Coinbase announced plans for the meme digital currency to begin trading on Coinbase Pro. Keen crypto fans will know that this follows the companies decision to enable dogecoin trading recently.
Coinbase Pro welcomes trading in Shiba Inu
It seems that the recent addition of dogecoin (DOGE) to Coinbase Pro has sparked this latest move to enable trading in Shiba Inu (SHIB) too. This should not be a massive shock, as the ERC20 Shiba Inu coin is seen in many quarters as a viable dogecoin alternative.
The Nasdaq-listed exchange stated that, with immediate effect, users of Coinbase Pro can move Shiba Inu coins into their account. It is important to note though that residents of New York are not included in this. Trading was scheduled to begin for SHIB on Thursday 17th June 2021 – which means it should now be available as long as liquidity conditions are satisfied.
Latest in string of new additions by Coinbase Pro
As well as SHIB and DOGE, Coinbase Pro have been busy adding other new digital currencies to their trading roster. This includes chiliz (CHZ), polkadot (DOT), keep network (KEEP), enzyme token (MLN), internet computer (ICP),amp (AMP) and gitcoin (GTC). This naturally is great news for their users because it gives much more choice in terms of which coins they can trade.
Shiba Inu price rockets after news gets out
Around the time this news was released earlier in the week, the price of SHIB jumped by over 30%. This saw it reach levels of $0.0000092 at one point and hit a market cap of $3.6 billion, according to data from Coinbase. This shows not only how fresh news can impact coin prices but also the appetite in the market for SHIB.
It is expected that trading of SHIB-USD and SHIB-USDT will launch, once the supply of Shiba Inu on Coinbase Pro warrants it. This should be in three phases – post only, limit trading and full trading. This would follow the pattern which the company established when rolling out the trading of dogecoin in recent times.