The world famous meme coin dogecoin (DOGE) has grown in popularity over the past year. It gained a special place in the hearts of countless investors. Where the project once started as a joke, the project even managed to get a spot in the top 10 of largest cryptocurrencies this year.
Due to this success, there are a large number of spin-off projects launched. Projects with a similar theme that try to capitalize on the hype surrounding dogecoin. One of those projects is Shiba Inu (SHIB). Like dogecoin, Shiba Inu has a hugely volatile price.
Coinbase listing
Recently, the major US crypto exchange Coinbase announced that they will make Shiba Inu available to users of the platform. It will be possible for users to invest in Shiba Inu on both Coinbase and Coinbase Pro.
earlier Shiba Inu was already available on Coinbase Pro this month, but now the standard version of Coinbase has been added.
As a result of this announcement, Shiba Inu’s share price completely soared. In one day, the coin’s price rose by at least 31.9%. The volume was also enormous. As much as $2.5 billion worth of Shiba Inu coins were traded in 24 hours. That’s a significant increase of 1148% in one day.
A large amount of new money has also flowed into the project. The Market capitalization of Shiba Inu is currently about $3.4 billion. No less than $780 million was added in one day.
After the enormous price impulse, the price slightly corrected again. Nevertheless, a price increase of at least 20% remained intact.
It is no exception that a coin experiences such a price increase as soon as it is listed on a major crypto exchange. Shiba Inu does not deviate from this trend and shows impressive things.