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Dogecoin

Shiba Inu soars over 25% Friday as dogecoin copycat makes Coinbase debut

by Miki 09/17/2021
by Miki 09/17/2021 0 comment

Meme coin Shiba Inu was seeing its price surge Friday, with the crypto trending high in social-media circles, less than a day after Coinbase Global launched trading of the dogecoin copycat on its trading platform.

Shiba Inu was trading up more than 25% on Friday, bringing the total market value of the coin to around $3.3 billion, according to data on CoinMarketCap.com.


CoinMarketCap.com

Coinbase
COIN,
+0.05%
on Thursday officially announced that Shiba was being traded on the U.S.’s largest exchange platform, which is delivering a fresh jolt to the digital asset that is considered a meme of a meme coin.

The China-based cryptocurrency, Shiba Inu was modeled as a “fun” crypto, riffing of the success earlier this year of dogecoin
DOGEUSD,
+3.49%,
which has been drawing increasing attention among crypto enthusiasts looking for the next buzzy asset.

Dogecoin, for its part, has been garnering more traction as a medium of exchange among its staunchest backers, but the virtual coin had mostly been cast as a digital asset that offers little utility and is primarily supported by the interest from those on social-media channels like Reddit and Discord.

Shiba saw its value surge, along with dogecoin, back in the spring as investors sought new meme prospects, including Kisha Inu, which trades under the ticker KISHU and is marketed as “a community-focused, decentralized cryptocurrency with instant rewards for holders.

SHIB, which features the image of a Shiba Inu hunting dog, is now the 48th largest crypto in the world. Dogecoin stands as the ninth largest, according to CoinMarketCap.com, as of Friday morning.

Coinbase has been attempting to increase activity and trading revenues on its platform and bringing onboard assets like Shiba Inu may be one way at helping to drive that mission. The exchange platform only recently added meme asset dogecoin to its trading roster, even as a number of rival exchanges were offering the popular crypto.

The majority of Coinbase’s revenues come from bitcoin
BTCUSD,
+0.63%
and Ether
ETHUSD,
-0.73%
on the Ethereum blockchain, the No. 1 and No. 2 crypto by market value. Trading platforms like Robinhood Markets Inc.
HOOD,
+1.55%,
which recently went public, have hitched their future to crypto and to the demand for assets like dogecoin.

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The New Jersey Crypto News
  • Home
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    • Bitcoin
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    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

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      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

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      How to Create Your Own Cryptocurrency

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  • Analysis
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      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

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      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

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