The Ethereum-based Dogecoin alternative is now the 19th largest cryptocurrency.
The price of Shibu Inu (SHIB) increased by 22% today after Coinbase Pro included the coin.
SHIB’s price is still in the cents, but it jumped from $0.00000725 to $0.00000907 in the 90 minutes following the Coinbase Pro listing announcement, and it is now at $0.00000868.
According to price aggregator Nomics, this makes it the 19th most valued cryptocurrency (Coingecko and Coinmarketcap list it 29th and 30th, respectively).
The inclusion of Korea-based exchanges, according to Nomics CEO and co-founder Clay Collins, is the explanation for the variance on their platform.
SHIB currently has a market capitalization of $8.81 billion, making it the top gainer among the top 100 coins today.
SHIB, like Dogecoin (DOGE), depicts a Shiba Inu dog breed as a meme. It is, however, an ERC20 token that runs on the Ethereum network, unlike DOGE.
It was established in April as a “experiment in decentralized spontaneous community building” and quickly rose in value by over 2,000,000 percent before being listed on Binance, Huobi Global, and OKEx in early May, when it reached an all-time high.
But it hasn’t always been plain sailing. When the anonymous developers handed half of the SHIB supply to Vitalik Buterin in the hopes that he would keep them, the token plunged. Rather, the Ethereum founder gave the coins to charity, which subsequently sold them for cash.
SHIB, on the other hand, has benefited from Dogecoin’s notoriety, notably after Elon Musk appeared on Saturday Night Live last month, causing a DOGE selloff after he allegedly called the cryptocurrency a “hustle.”
SHIB is still far behind Dogecoin, which has a market cap of $41 billion and is the seventh-largest cryptocurrency, although it has recently witnessed greater improvements.
According to Nomics, Dogecoin’s price is down roughly 3% today and 38% in the last 30 days. SHIB buyers will be seeking to cash in on the meme-coin trend in order to replicate DOGE’s massive and rapid gains this year, when its value surpassed $0.68 for the first time.
However, it isn’t the first dog-themed cryptocurrency to enjoy significant gains; LEASH, as well as the impending “Dogecoin killer” BONE, which is planned to launch alongside a ShibaSwap decentralized exchange, have all seen significant gains (DEX).
Coinbase also listed Keep Network (KEEP) and Chiliz (CHZ) tokens on Tuesday, in addition to SHIB.
Trading will begin on Thursday, June 17 if liquidity conditions are met, and will be conducted in three stages: post-only, limit-only, and full trading.
SHIB has a one-quadrillion-token supply and is meant to allow users to hold billions, if not trillions, of tokens. Analysts have warned, however, that it would need to increase by around 12 million percent to reach the $1 aim.