Coinbase tries again to add the Shiba Inu
On June 16, the California-based company had announced the launch of several tokens, including Shiba Inu (SHIB), on its Coinbase Pro platform. Users could then deposit their tokens and exchanges should be available the next day.
Two days later, the platform announced that it was experiencing ” technical problems “, preventing the listing of Shiba Inu on the scheduled date. Since that moment, the SHIB deposits are blocked, the platform still allowing users to remove those already deposited.
After a silence of almost three months, Coinbase Pro returned to the charge on Twitter by announcing, for the second time, the launch of SHIB. At this point, only deposits were available, but the company predicted that “trading will begin on Thursday, September 9 from 6pm, if liquidity conditions are met.
Our SHIB-USD order book is now in full-trading mode. Limit, market and stop orders are all now available.
– Coinbase Pro (@CoinbasePro) September 9, 2021
The liquidity target was met on time and users were able to trade SHIB tokens for a few hours. However, due to new technical problems, Coinbase Pro announced on Twitter that SHIB deposits and withdrawals were blocked again. The situation does not seem to be stabilized at the moment.
SHIB’s price is benefiting
Following the first announcement, last June, the SHIB price had printed a 30% increase in just a few hours. Once again, the “Coinbase effect” has been felt, as the SHIB has immediately risen by 39%:
Source: TradingView, SHIB/USDT
At the time of writing, the price of SHIB is stabilizing around $0.000007, with a capitalization of $3.5 billion.
Despite a recent bullish mood in the overall crypto-currency market, the SHIB price is struggling to recover. The asset is printing its 15th consecutive week in a horizontal consolidation channel between $0.0000063 and $0.00000875.
Horizontal consolidation channel in weekly – Source: TradingView, SHIB/USDT
As a reminder, when memecoin was created, Vitalik Buterin had received half of the total supply. On May 12, the creator of the Ethereum blockchain shed half of the SHIB tokens he had received. His disassociation from the project caused the price of the asset to plummet from $0.000035 to $0.000009, initiating the long decline in its price.
To go further – ShibaSwap: $1 billion locked up in Shiba Inu DEX (SHIB)
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About the author: Lilian Aliaga
Freelance writer located between Paris and Toulouse. I want to share my passion for the world of crypto-currencies to as many people as possible. I am also interested in technical analysis and trading.
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