TL;DR Breakdown
- Coinbase makes Shiba Inu trading available for New York residents.
- Coinbase announced two new SHIB trading pairs (SHIB-EUR; SHIB-GBP)
- SHIB holders are regaining confidence after prices went down over 30% last week.
Shiba Inu, the superstar meme coin has been listed on Coinbase for New York residents. The second-largest crypto exchange announced this on Friday through an official tweet. Coinbase also added SHIB-EUR and SHIB-GBP trading pairs.
The news brought sighs of relief for the SHIB community, as investors have been experiencing FUD (fear, uncertainty, doubt) after SHIB was bearish for a week. However, the popular meme coin quickly started to climb back up on Friday morning. SHIB went up to $0.0000649 in the last 24 hours, but the Shiba Inu community is still waiting for the meme coin to drop another 0.
A rollercoaster week for Shiba Inu
By adding Shiba Inu to its NY listing, Coinbase has shown confidence in the coin which could potentially translate to a public vote of confidence in the token. Shiba Inu went up by over 700% in the month of October. This unbelievable growth brought a lot of new investors into the crypto industry. However, the extreme volatility of this coin has affected the investor’s confidence to hold SHIB for the long term. So, the Coinbase NY listing will definitely give the community a much-needed confidence boost.
Earlier this week, another popular crypto exchange Kraken promised to list Shiba Inu on its platform by Tuesday. However, they didn’t follow through on their promise, stating that “there’s much work to be done”, which unsurprisingly raged the entire SHIB community.
Since its rise, Shiba Inu has been the center of a lot of fake news and fake promises. The popular US exchange platform Robinhood has continuously teased the listing of SHIB for weeks now. Earlier last week, there were also rumors of Tesla accepting Shiba Inu as payment along with Bitcoin. However, all of these still remain rumors, adding to the frustration of the SHIB community.
The Coinbase NY listing has already given SHIB is good to push out of the bearish trend, and it can go a lot further if other exchanges like Kraken also follow through on their promises. In its prime, SHIB took over Dogecoin’s market cap, recording a new all-time high last month. So, regardless of its volatility, there are still positive hopes for this meme coin heading to the year-end.
SHIB is currently trading at $0.00005921, at the time of writing.
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