Shiba Inu’s ascent to popularity seems unstoppable. The currency’s subreddit is flourishing as more subscribers joined the community this year. Also, it was recently listed on Coinbase Pro, resulting in a 27% appreciation in its price. And now there are reports of an upcoming decentralized exchange from the founders of the meme coin. To catch up on all the updates for Shiba Inu, read on.
The number of subscribers on Shiba Inu’s subreddit has increased by 59, 381% in Q2. As per the data from Subredditstats.com, the forum had around 90 members in early April. But now that figure has skyrocketed to 53,533 subscribers.
The new data coincides with Shiba Inu’s listing on the publicly traded exchange Coinbase. The currency was listed on the exchange along with Chiliz(CHZ) token and Keep Network(KEEP) coin. Shiba Inu recorded a 27% surge after its listing on the American exchange. At the time of writing, the currency has a market cap of $4,410,183,238.
While SHIB was expected to launch on Coinbase on 17 June, technical difficulties postponed the token’s trading on the platform.
As a result of the outstanding issues, Coinbase was forced to stop SHIB deposits. But the exchange continued to provide withdrawals for the currency. Coinbase is expected to update its timeline for the resumption of regular transactions on Shiba Inu. The company explained the current status of the problem in a tweet posted to its account:
Meanwhile, customers looking to buy Shiba Inu on Coinbase can purchase USDC to trade in the currency. Alternatively, customers can also transfer assets from their Coinbase Wallet to their Coinbase Pro Wallet for no cost. If they are holding BTC or ETH in their wallets, they can use the assets to trade Shiba Inu through the SHIBA-BTC and SHIBA-ETH trading pairs.
The founders of Shiba Inu are working on a decentralized exchange called ShibaSwap. According to the token’s official website, the platform is ‘undergoing security tests, audits, and final updates to prepare for a safe launch.’ The exchange is likely to further extend Shiba Inu’s abilities and provide for easier transactions and trading options concerning the dog-themed token.