Launched in August 2020 as a direct challenge to Dogecoin (DOGE), investors for as little as $7 can have over 1 million Shiba Inu (SHIB) coins, with $1 buying 146,000 coins of the dog-inspired cryptocurrency as of the time of writing.
Nevertheless, on September 9, 2021, it was announced that the crypto exchange Coinbase Pro has added the Shiba Inu coin to its platform despite the fact the coin is on the decline. Trading went live on Thursday, with Coinbase Pro’s Twitter account tweeting:
“Inbound transfers for SHIB are now available in the regions where trading is supported.”
In addition, on September 10, 2021, Coinbase Pro tweeted its order books for SHIB-USD and SHIB-USD were fully operational, and orders may now be placed using limit, market, and stop orders.
Coinbase Pro, on the other hand, confirmed that SHIB is not available on the Coinbase.com platform nor through Coinbase’s consumer applications. On Twitter, Coinbase Pro indicated that it would announce the addition of this feature separately.
Some expected Shiba Inus price to skyrocket as a result of the listing, anticipating plenty of social media buzz around the coin.
However, the announcement comes at a time when SHIB coin and Dogecoin, both meme-based cryptocurrencies, have seen huge declines in recent days, possibly owing to a drop in interest.
Shiba Inu in the market
Nonetheless, the digital currency is still placed among the top 100 cryptocurrencies and is currently trading at $0.000007112, down 2.64% on the day and up a marginal 0.14% in the last seven days.
With a little over $2.8 billion market cap, the coin remains a long way off from $0.000035, a record high it reached on May 9.
It’s also worth mentioning that despite the coin’s drop since May, developers have continued to work; on July 6, creators of Shiba Inu launched ShibaSwap, a decentralized exchange (DEX). ShibaSwap secured approximately $1.5 billion in Total Value Locked (TVL) in just one day, according to the SHIBA ecosystem’s Twitter account, at the time.
However, despite the impressive start, TVL of the Shiba DEX faces questions over the project’s safety, with many DeFi experts raising concerns.
It’s important to note that with the introduction of ShibaSwap and the coin’s recent addition to Coinbase Pro, Shiba Inu’s value has still increased fivefold since its launch.
However, questions about its liquidity persist since it was disclosed on July 28, 2021, that just 2% of $1 billion in Indian Covid crypto contributions had been paid out so far. Moments after Vitalik Buterin gave out 50 trillion Shiba Inu coins, or 5% of the total amount available, the price of memecoin plunged by 50%.