Key Takeaways
- Shiba Inu price spikes by double figures following Coinbase listing
- Shiba Inu was created as an imitation of popular memecoin Dogecoin
- The altcoin has experienced massive growth and ranks 48th on the coin rankings
Shiba Inu was initially allocated to be listed on Coinbase three months ago but it was delayed due to technical issues.
At the time the delayed listing saw the value of SHIB drop by 10%.
Fast forward three months later and the opposite is in effect, SHIB went up by more than 10% within an hour of being listed on Coinbase.
The altcoin was created on the Ethereum blockchain by an anonymous developer called ‘’Ryoshi’’.
The token is essentially a derivative from the popular Dogecoin token, a memecoin that takes its root from the Shiba Inu dog meme that was the trend a decade ago.
Since it is built on Ethereum, Shiba Inu has leveraged the smart contract network to build a suite of products that includes a decentralized exchange and vault dApp.
The popularity of Dogecoin in late 2020 led to a resurgence in meme tokens and SHIB skyrocketed in value.
Shiba Inu has a market cap of about $3.8 billion and is ranked 48th on the coin rankings.
This surge in market cap has been helped by the recent spate of listings on centralized exchanges.
The listing on Coinbase is a massive boost and the coin is trading at its highest levels since July.
it is also up by nearly 20% since the start of the week and could hit new heights in the coming weeks.
The success of Shiba Inu has led to several memecoins springing up and creating a unique niche in the crypto industry.
It remains to be seen whether Shiba Inu can surpass Dogecoin which remains a distant leader in the memecoin sector.
Do you think Shiba Inu will eventually surpass Dogecoin as the leading memecoin?
