Shiba Inu (SHIB) Explodes 44% to a Monthly High Following a Coinbase Listing

Listings on the largest US-based cryptocurrency exchange typically result in immediate price surges, and this transpired once again with Shiba Inu. SHIB surged by 44% in a day to a new monthly high.

• Coinbase announced yesterday the latest token to be listed for trading on its primary platform, Coinbase Pro, and on the two applications for Android and iOS.
• The exchange enabled its customers to trade, send, receive, or store SHIB tokens in “most Coinbase-supported regions, with certain exceptions.”
• Shiba Inu saw the light of day as the Dogecoin mania was going wild. In fact, it advertised itself as a DOGE-killer. Unlike the meme coin that was launched as a joke in 2013, Shiba Inu promised to release a decentralized exchange, which it did earlier this year dubbed Shibaswap.
• The listing on Coinbase was met with a rapid price surge, as it has happened so many times in the past when a new token reaches the giant exchange.
• SHIB stood at $0.0000065 yesterday ahead of the announcement when it exploded by roughly 45% to a high of $0.0000095. This became its highest price line since mid-August.
• Despite retracing to $0.0000085 in the hours that followed, SHIB is still more than 20% up on the day. Its market capitalization is north of $4 billion, and the token is the 46th largest by that metric, according to CoinGecko.

SHIBUSD. Source: TradingView