Coinbase has listed Shiba Inu (SHIB) on its main exchange, according to an announcement from the crypto trading company.
Coinbase noted that the token “aspires to be an Ethereum-based alternative to Dogecoin (DOGE), the popular memecoin.”
The exchange drew attention to Shiba Inu’s economics, noting its finely-denominated supply of one quadrillion tokens. It also acknowledged the coin’s ecosystem, which currently features an NFT project and a decentralized exchange.
It remains to be seen whether Shiba Inu will maintain its legitimacy. It is one of several nearly identical tokens that were created to capitalize on Dogecoin’s success earlier this year.
Arguably, Shiba Inu is not notable in its own right; rather, it is notable for the fact that it has beat out its various competitors.
Coinbase’s listing has benefited SHIB’s market value. The coin’s value rose roughly 25% in the hours following the addition and reached a value of $0.00000841 (8.4 cents per 10,000 tokens).
Follow the latest news on Google News
