Shiba Inu coin, since Elon Musk twitter feed has pumped it big time with his tweets, has had massive gains past few days. This month, it has grown over 200%. Th market value is well over $10 billion. Currently is at the 12th place in the ranking of the biggest crypto currencies. This has frightened dogecoin big time!
What boosted Shiba Inu value?
Shiba Inu is named “The Dogecoin Killer”. Doge has lost its value over 65% after it has had it’s highs around early may. Shiba Inu has received a listing from Coinbase and that resulted in a price boost of 27%. This has happened not long after Dogecoin received it’s listing from Coinbase. Crypto Exchange services like Coinbase act a vital and effective role in the value of crypto currencies although these currencies are famous for their decentralized control. Coinbase listing Shiba Inu in it’s platform has given the currency a huge value boost as well as letting the world know about the existence of this crypto currency. That’s why people on the crypto market call it the “Coinbase Effect”.
Reason for Shiba’s fame
Shiba Inu sign is a lovely fluffy dog. That might be one of the reasons why it’s memes has reached all corners of the world. The currency was first made a year ago by an unknown person (called Ryoshi) to somehow fight and replace the so called Joke Currency -Dogecoin. The community on it’s website hit a half million and in a short period the market cap went over $3 billion. Elon Musk Twitter was another big incentive.
Shiba Inu has great support
Not long after Dogecoin had a record of 30% price boost in two days after coming to existence, Shiba Inu coin happens. The fluffy dog fans like to cheer up their coin as “Dogekiller”. Judging by the move Shiba is making, it is likely that the top dog title is lost to Doge. Shiba fans look so determined to power up the currency. They have started to sign a petition to convince Robinhood to list the coin. At the moment Shiba Inu does not worth much but the trading value has seen interesting peaks in Binance. Moreover, Coinbase new strategy is to list all coins that meets the market demands. More to meet the traders requirements than the amount of approval the coin has. After all, Coinbase is calling themselves as “Amazon of Crypto”
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