Shiba Inu (SHIB) Added to Coinbase Pro
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Shiba Inu (SHIB) is getting another round of attention, as the dog-meme token is getting a listing on Coinbase Pro, soon after Dogecoin (DOGE). The asset, which is still down 90% from peak prices, is starting to regain positions on renewed visibility.
SHIB is up more than 27% overnight, despite the stagnation of all other assets. SHIB is still a sub-penny token, which promises to grow through a series of burns and reach much higher valuations for those that hold for the longer term.
SHIB traded at $0.000009111, or less than 1 Satoshi against BTC. The asset until recently relied on decentralized trading, which is much riskier and open to fast crashes. Trading is currently happening on very low volumes of around $1.5M in 24 hours, a very slow pace for an asset listed close to top 30 coins and tokens in terms of market capitalization. SHIB, however, has aimed to take a more visible place through a very large initial circulating supply.
What Coinbase Means for SHIB
SHIB was listed alongside Chiliz (CHZ) and Keep Network (KEEP), gaining new credibility after a few months as purely DeFi-based tokens. Trading is expected to start on June 17, 9 AM Pacific time. A separate listing will be announced for the Coinbase consumer app listing.
The recent Dogecoin (DOGE) listing on Coinbase helped add to market volumes, while stabilizing the DOGE market price around $0.31. The listing boosted DOGE trading on Coinbase by about $30M per day. Still, the bulk of DOGE trading on Binance builds up volumes of a few hundred million dollars.
SHIB trading on Binance is already open in a pairing with Tether (USDT), carrying more than 30% of all activity.
SHIB Shakes Off Vitalik Buterin Rug Pull
SHIB became notorious for its decision to send funds to Vitalik Buterin’s Ethereum wallet as a form of proof-of-burn. The initial idea was that Buterin would be willing to hold onto the tokens and boost their value.
But Buterin decided to move the tokens to Uniswap, exchange them to ETH and sell the ETH for charity purposes. The event caused SHIB supply to expand unpredictably, while further depressing the market price.
A few weeks after the sale, SHIB has regained its appeal and continues to ride this year’s trend of building decentralized token-based economies. SHIB now works on building its own decentralized exchange for swapping tokens, while also issuing NFTs. The goal of the SHIB project is to encourage longer-term holding instead of rapid selling.
SHIB Offers BONE Rewards
Even after the Coinbase Pro and potential Coinbase listing, SHIB will continue using the DeFi algorithmic trading model. The auxiliary token, BONE, will be offered as a reward for staking SHIB.
In the next two weeks, SHIB will also increase BONE rewards to encourage liquidity providers to move SHIB to liquidity pairs on Uniswap and SushiSwap.
SHIB is also linked to the LEASH token, which is less widely known and mostly trades in Uniswap liquidity pairs. The endgame for SHIB is to reach a valuation of one cent, while also building an NFT market and expanding its decentralized trading.
Is SHIB Growing More Reliable
Digital coins and tokens remain risky, and SHIB is still in a period of price discovery. In addition to market risk, the SHIB community is issuing warnings of projects attempting to steal or lock away coins. Fraudulent bonus schemes are targeting SHIB social media users.
SHIB can also be used as a purely speculative asset, and traded on centralized exchanges with somewhat larger liquidity. Locking in SHIB with new and untested projects may lead to a total loss of all coins.
SHIB remains highly decentralized, with more than 64% of tokens in its burn address. Most wallets contain less than 1% of the entire supply, as SHIB is distributed to owners with the incentive to hold onto the assets. The reports of the number of SHIB holders, however, is showing some disparities. The Etherscan page shows there are just 889 SHIB holders, while on social media, there are mentions of hundreds of thousands or even millions of holders.
What Comes Next for SHIB
The next step for SHIB is the launch of ShibaSwap, a decentralized exchange. Opening market pairs may bring in higher liquidity to SHIB, as well as its side tokens BONE and LEASH.
The ShibaInu team mentioned the ShibaSwap launch at the end of May, with no certain date for the launch. Swapping on the new exchange will start producing the BONE token based on the amount of SHIB staked.
SHIB remains attractive for its bid to reach a price of one cent. Currently, about $10 buys a million of SHIB, which can be staked or held as a wild card. The SHIB community also envisions expanded listings, to include the Kraken Exchange.
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