Shiba Inu dropped 12% following Coinbase’s delayed listing.
The meme token’s launch on Coinbase Pro faces a “temporary delay.”
Last Tuesday, Shiba Inu token was ready to show off its caliber in front of the users of Coinbase. However, after the exchange delayed an expected listing, SHIB licks its wounds.
“We are experiencing technical issues that will temporarily delay the launch of SHIB on Coinbase Pro,” the exchange wrote yesterday in an update last June 15 announcing that it will list the meme token. “At this time we are disabling deposits of SHIB; withdrawals are still available.”
The price of Shiba Inu dropped 12% in 24 hours.
The same technical delay has affected the rollout of Solana on Coinbase Pro. After initially aiming to start on May 24, SOL just landed on the exchange during the last day. It suggests that SHIB could have to wait a while longer.
A listing on Coinbase is known to give a cryptocurrency a boost. The “Coinbase effect,” contributes to an average increase of 29% after five days. It may be because the popular exchange makes it easy for traders with little financial expertise to link their accounts to a debit card and click “buy.”
A listing on Coinbase Pro, the exchange’s “advanced trading” app, comes with a bump. It is typically an indication that a listing on the main app is only around. Crypto industry watchers buy up the token in anticipation of an increased demand.
This explains SHIB’s 26% boost in just three hours last Tuesday. It went from $0.00000723 to $0.00000912. Now, it’s back down to $0.000008.
Although an individual SHIB token price is just under a penny. The supply of 500 trillion tokens brings the market cap to just $4 billion. SHIB is designed not to be scarce but to be abundant. And Dogecoin has taken the early-2010s Shiba Inu meme then turned it into a crypto community.
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