Coinbase Pro announced that it will open trading for Dogecoin rival Shiba Inu as early as Thursday, June 17. Besides SHIB, the Nasdaq-listed crypto exchange will also allow trading for Keep Network(KEEP) and Chiliz(CHZ). In response to the announcement, SHIB prices have risen by 33%.
While both the tokens are rooted in online Meme culture, they differ in their design and purpose. Unlike DOGE, Shiba Inu is an ERC20 token based on the Ethereum blockchain. The currency has been dubbed by many as “Doge Killer” and seen as an alternative to its meme-inspired predecessor, which was created in 2013. At the moment, SHIB is the 17th largest cryptocurrency in terms of market capitalization, which sits at $3.6 billion.
Coinbase customers can begin transferring the newly listed tokens once the platform ensures their “sufficient supply”. Traders will be able to exchange the tokens for USD, EUR, GBP, and USDT.
The announcement from Coinbase has bumped Shiba Inu prices by 33% to reach $0.00000925. This level is far lower than its all-time peak of $0.00003791 in November 2020 but a positive change of pace for those hoping for the token’s revival.
Shiba Inu experienced a major downgrade in its market value after Ethereum co-creator Vitalik Buterin donated $50 trillion SHIB, gifted to him in the hopes of creating scarcity and connecting the project with a respected developer.
In the upcoming days, Shiba Inu could receive more attention after its listing on America’s only publicly traded crypto exchange.