Coinbase announcement has caused a recent spike in the price of Shiba Inu coin.
The Shiba Inu cryptocurrency has surged recently due to a new announcement that will make it available to more potential investors.
According to Bitcoin News, Coinbase announced on Tuesday that it will add Shiba Inu coins to Coinbase Pro starting this week, allowing people to purchase this meme-based cryptocurrency, which is considered a competitor to Dogecoin.
“Coinbase added SHIB little more than a month after that coin’s creation, in marked contrast to its addition of Dogecoin, which seemed to take DOGE years,” according to CoinDesk.com.
People should start trading their Shiba tokens on Coinbase starting from Thursday. However, according to Investor Place, technical issues prevented people from making transactions immediately.
“We are experiencing technical issues that will temporarily delay the launch of SHIB on Coinbase Pro,” the company said on Twitter. “At this time we are disabling deposits of SHIB; withdrawals are still available. We will provide an updated timeline for restoring deposits & enabling trading as soon as possible.”
The Shiba inu coin is not the only cryptocurrency that has soared due to coinbase announcement. According to CoinDesk.com, other cryptocurrencies such as Chiliz and Keep Network have also spiked after being added to Coinbase.
Just a reminder: Coinbase Pro is different from Coinbase. They are two different applications. However, according to Yahoo News, Coinbase users can log in to their accounts on Coinbase Pro.
Presumably, there’s been reactions that the Shiba Inu coin has peaked. Santiment, a cryptocurrency analysis company, said that people’s enthusiasm for this token has diminished, so its value has not risen sharply recently.
“When a coin appears in emerging trends list, especially in top 3, it’s often a sign of a price top. Because it indicates a sort of a peak social hype. Price can hardly sustain its rally without increasing hype (or social volume),” according to Santiment.