By
Steve Muchoki
April 24th, 2024
The Shiba Inu token is not yet available on the official Coinbase website as well as on the exchange’s mobile application.
Coinbase Pro, the advanced trading marketplace of publicly listed American cryptocurrency exchange Coinbase Global Inc (NASDAQ: COIN) has announced plans to list Shiba Inu (SHIB). According to the crypto brokerage, the inbound transfers for the Shiba Inu tokens are now open ahead of the commencement of active trading on Thursday, September 9, at 9 AM PT.
“Inbound transfers for SHIB are now available in the regions where trading is supported. Traders cannot place orders and no orders will be filled. Trading will begin on or after 9 AM PT on Thursday, September 9, if liquidity conditions are met,” the Coinbase Pro announcement reads, “Once sufficient supply of SHIB is on the platform, our SHIB-USD and SHIB-USDT order books will launch in 3 phases. If order books do not meet our assessment for a healthy and orderly market, we may keep the book in one state or suspend trading as per our Trading Rules.”
Shiba Inu is a meme coin designed to trail the dominance of Dogecoin (DOGE), whose popularity has skyrocketed in the past years. This listing of Shiba Inu is the second attempt by Coinbase Pro to list the token as it announced back in June. The first trial was marred by technical difficulties, forcing the trading platform to postpone the listing until now.
According to the exchange, the Shiba Inu token is not yet available on the official Coinbase website as well as on the exchange’s mobile application. A separate announcement has been promised by the firm as to when the coin will be made available across all of its channels.
The Rise of Shiba Inu and Meme Coins
While the era of meme coins was ushered in by the emergence of Dogecoin in 2013, the past year saw a hoard of plenty of meme coins emerge, with some of them, particularly the Shiba Inu coming off as the most popular. The digital token has amassed a massive community propelling its growth, a movement that has been complemented with a number of use cases being rolled out by the development team.
According to the Shiba Inu website, the meme token has a maximum supply of 1 quadrillion, with 50% of the token locked in a liquidity pool on Uniswap. The other 50% of the token supply was notably sent to the wallet address of Ethereum co-founder, Vitalik Buterin, in what the developers assumed was a burning program.
Vitalik offloaded a huge chunk of the Shiba Inu coins sent to him as well as those of other meme coins back in May to donate the proceeds to COVID-19 relief initiatives. This gesture tanked the price of the Shiba Inu token, a development that was further aggravated by the massive correction witnessed in the broader cryptocurrency industry.
At present, Shiba Inu is changing hands at $0.000007321, with the price of the digital token down by 82.16% from the All-Time High (ATH) price of $0.0000388 set in May. The popularity of the meme coin is entrenched with the fact that despite the fall-off, its Return on Investment (ROI) is still pegged at 429,084.34%.