Shiba Inu takes the market by stormThe Shiba Inu coin has seen unprecedented gains in the last week, largely fuelled by Elon Musk and his tweets about his new puppy – which is, yep you guessed it, an adorable Shiba Inu. The joke currency, which is described by its website as “a decentralized meme token that evolved into a vibrant ecosystem”, is up over 200% this month alone, and has just taken up the spot of 12th biggest crypto currency with a market value of over $10 billion.
The token has been branded as “The Dogecoin (DOGE) Killer”, which is the other joke currency that took off earlier this year. However, Doge has lost over 65% of its value since its early-May highs. Has Musk abandoned his virtual dog for his real one?
Get ready for a dogfightLooks like there may be a dog fight coming on – not long after Coinbase lists Dogecoin, Shiba Inu is also getting a listing, and the win sends prices up 27%.
Coinbase, which is the biggest crypto exchange in the world, is giving Shiba Inu a well deserved boost with a listing on its platform. While cryoptos benefit from decentralized control, there are still gatekeepers that have an impact on a currencies broader acceptance, and getting one like Coinbase to back you is great for boosting sentiment and spreading awareness for a digital token. In fact, Coinbase listings are so known for the impact on a token’s price, that the term “The Coinbase Effect” was, well... coined. Shiba Inu was created less than a year ago in 2020 by an anonymous person people refer to as Ryoshi, and was formed largely to act as an alternative to joke currency Dogecoin. In that time, the coin has managed to reach a market cap of around $3 billion, and its website boasts an expanding community of over half a million as its memes reach all corners of the world (who doesn't love pics of an adorable fluffy dog?).
The news comes not long after the other big dog-themed coin on the market, Dogecoin, went flying nearly 30% in two days on its debut. Shiba Inu and its die-hards like to champion it as the “Dogekiller”, and it’s slowly but surely making a run for Doge’s top dog title. Whilst the coin is nearly worthless, its trading has seen surges recently following Binance and OKEx listings, and Shiba fans have gone so far as to start a petition to convince brokerage Robinhood to list the coin. It’s already got over 150,000 signatures.
However, Coinbase has recently been trying to expand its listed coins with the aim of listing all that meet trading requirements instead of those that it sees as having a stamp of approval.
We want to be the Amazon of crypto where people can find and buy the assets they want and as part of this, our aim is to list every legally permissible asset possible,
said a spokeswoman.
That’s good news on the whole, but does mean investors will need to do a bit more homework.