Shiba Inu (SHIB) soars 40% with praise from Elon Musk; Coinbase will list cryptocurrency-meme


The Shiba Inu (SHIB) appeared on Friday as traders evaluated its listing on Coinbase, one of the world’s leading exchanges.

The SHIB/USDT jumped 16.42% to $0.00000950 for the first time since June 29, 2021. The latest upward movement came as part of an overall bullish trend that began Thursday, in which the SHIB rose more than 26%. As a result, the token ended up increasing its returns by over 40% in just two trading days.

Earnings for SHIB began to emerge after Elon Musk, CEO of Tesla, tweeted about the arrival of a new Shiba Inu puppy named Floki.

The announcement, which came on Monday, led to a modest 2.62% increase in SHIB/USDT rates in the next session, extending the influence from Musk on the family of pet tokens, including Dogecoin (DOGE), babydog and Floki Inu.

Coinbase adopts SHIB

Also, the Shiba Inu rally had one more booster behind it.

SHIB/USD rates were already rising after the addition of the token on the US-based Coinbase Pro digital asset trading platform earlier this month. And on Thursday, the pair continued its rally after Coinbase announced which would also add SHIB support to your platform.

SHIB / USDT daily price chart. Source: TradingView

“Coinbase customers can now trade, send, receive or store SHIB in most regions supported by Coinbase,” the announcement read. “The trading of these assets is also compatible with Coinbase Pro.”

On the way to recovery

ShibaSwap in mid-August burned $25,000 worth of SHIB to boost the token’s demand among speculators. The token started with a 1 quadrillion supply but gifted half of it to Ethereum co-founder Vitalik Buterin. He later burned some of it by sending them to a dead wallet and donating the rest (about $6.7 billion) to a COVID-19 charity in India.

In detail, the SHIB is an Ethereum-powered cryptocurrency that try imitate Dogecoin, the original cryptocurrency meme. The Shiba Inu token gained prominence merely because of Musk’s enigmatic support for crypto-meme coins. As a result, SHIB now has a market capitalization of $3.31 billion, the 46th largest in the world.

Shiba Inu’s optimistic prospects depend on its adoption, not its usefulness. Traders buy SHIB, anticipating that more as they will join the pack and grow the community, just as in the case of Dogecoin. The strategy led Shiba Inu to use his popularity to launch a dedicated decentralized bag called ShibaSwap.

THE ShibaSwap in mid-August it burned $25,000 in SHIB to increase demand for the token among speculators. The token started with a supply of 1 quadrillion, but gave half of it to the Ethereum co-founder, Vitalik Buterin. He later burned some of them, sending them to a dead wallet and donating the rest (about $6.7 billion) to a charity fighting COVID-19 in India.

The SHIB/USDT dropped more than 70% in response, hitting $0.00000510. In the best-case scenario, the cryptocurrency was trading for $0.00005,000.

The views and opinions expressed herein are those of the author alone and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you must conduct your own research when making a decision.

Follow us on social media

Follow our profile on Instagram and in the telegram to receive first-hand news!




mm

Thomas Miles

Cryptocurrency is the most recently discovered currency which will be likely at the help of modernization across the next few decades. With a limited control from the government, the crypto market is independent of many features of a sound market as we know it. Thomas brings these stories to us by weaving them into articles of general importance to all those looking at the fluctuations in the market, or new entries. Thomas is also the founder of Bulletin Bits and is an excellent leader. His leadership is the kind that makes him the most knowledgeable and experienced on the team. His wonderful work ethic and attitude are worthy of imitation!

Leave a Reply

Your email address will not be published. Required fields are marked *