Shiba Inu rises more than 47% after Coinbase Pro listing
Shiba Inu rises more than 47% after Coinbase Pro listingShiba Inu rises more than 47% after Coinbase Pro listingShiba InuShiba Inu

After Coinbase Pro announced that they support the token Shiba Inu (SHIB), the token rose by more than 47% within a few hours. It is possible that the token benefits from the so-called Coinbase effect and could climb even higher. If the buying pressure increases, the prices could go up even further.

Coinbase supports Shiba Inu

The latest cryptocurrency to be listed on Coinbase Pro is Shiba Inu. Following the announcement, the token surged more than 47% in just a few hours, and further price appreciation is on the horizon. Especially due to the so-called Coinbase effect, there could very well be further price increases. In the process, the Shiba Inu token could target a price of $0.00000911 should buying pressure continue to build. The token did not expect this rally and the surprise is naturally great.

The meme token Shiba Inu has already attracted attention in recent months. In the process, more and more retail investors were interested in the token. The Coinbase Pro listing increased the attention even more and also brought a significant increase in the token. As a result, the meme token is now ranked 54th among cryptocurrencies by market capitalization.

Shiba Inu the Dogecoin Killer

Shiba Inu, also a meme token was created only about a year ago. Its anonymous creator even referred to it as the Dogecoin killer. Yet the token is an Ethereum-based alternative to Dogecoin (DOGE), the very popular meme coin. Unlike Bitcoin, where scarcity is practically part of its DNA, Shiba Inu is abundant, and by design. There are said to be around a quadrillion Shiba Inu tokens in circulation.

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SHIB will be tradable on Coinbase starting September 9.

Already yesterday, Coinbase announced on Twitter that incoming transfers for Shiba Inu are activated before the tokens are available for trading. In doing so, the trading platform also shared in the tweet that SHIB will be available for trading against US dollars and Tether (USDT) on September 9. This is, of course, provided that liquidity conditions are met.

Following this announcement from Coinbase, the price of the token skyrocketed in just a few hours. The meme token climbed from a low of $0.00000555 to a high of $0.00000820. This is more than 47% that the token skyrocketed. In the meantime, the token has returned etwas down, but it looks as if a further price increase is imminent. Especially if buying pressure continues to increase, the price could also rise significantly.

From a technical perspective, one might think that SHIB is in a parallel channel. Whenever the token got to the upper or middle edge of the channel, it was rejected. Then the price was pushed back to the bottom edge of the channel. However, it bounces back from this point, which is thus consistent with the characteristics of a channel.

Is a price of $0.00001238 realistic?

This is also evident from the recent ups and downs. Just recently, SHIB rallied at the lower trend line of the channel. If the price action that took place last month repeats, the price could bounce back to the upper edge, ending at US$0.00000911. Then, Shiba Inu could break through resistance and could then even represent a bounce of another 36%. Thus, the token could jump to $0.00001238.

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Of course, Shiba Inu should not lose the support at 0.00000582 US dollar. This is the only way to confirm the optimistic outlook. The closing price below this support is crucial. If SHIB is below this level, it would also be possible for a price correction to occur. This could mean that Shiba Inu could fall by 36%. At the same time, it also means that it could point to a bearish target of $0.00000263 if support is lost.

Shiba Inu rises more than 47% after Coinbase Pro listingShiba Inu rises more than 47% after Coinbase Pro listingChoose the best and safest exchange for you

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