The Shiba Inu token has been added to the Coinbase platform. This has caused a large price increase.
It’s official. #ShibOnCoinbase pic.twitter.com/TwZgZHpp9E
— Coinbase (@coinbase) September 16, 2021
SHIB Price Shoots Up After Coinbase Announcement
The Siba Inu token (SHIB) is up more than 30 percent after it was added on Coinbase. The addition was previously delayed by 3 months, but now the token is finally available on the largest American crypto exchange.
SHIB is a token that runs on the Ethereum blockchain. It was announced earlier this year when Tesla CEO Elon Musk praised the Dogecoin. The DOGE price then started to rise enormously and the Shiba Inu token has also benefited from that.
Due to the huge price increase, the market capitalization of all SHIB tokens is now above $3.5 billion.
The purpose of these meme coins is not to develop a helpful protocol. The goal is purely to get a large number of users trading the coin. As a result, the token could one day become a means of payment. However, for now it seems more like the token is mainly a fun toy for day traders.