Meme Token SHIB Up 22% After Listing Coinbase Pro

According to Nomics, the price of Shibu Inu (SHIB) rose 22% today after Coinbase listed the Pro token. SHIB is still in the six percent range, but its value rose from $0.00000725 to $0.00000907 within 90 minutes of the Coinbase Pro listing announcement and is currently at $0.000000868. This makes it the 19th most valuable crypto according to price aggregator Nomics (Coingecko and Coinmarketcap list it at 29th and 30th, respectively). Nomics CEO and co-founder Clay Collins cites the inclusion of Korea-based exchanges as the reason for the inconsistency in their platform. SHIB's current market cap is currently $8.81 billion, making it the biggest winner of the top 100 coins today. Like Dogecoin (DOGE,) SHIB has a meme version of the Shiba Inu dog breed. But unlike DOGE, it is an ERC20 token that works on the Ethereum network. What Is Shiba Inu (SHIB) and Why Is Dogecoin Rival Price Exploding? It was launched in April as a "decentralized spontaneous community building experiment" and quickly gained more than 2,000,000% before hitting all-time highs in early May when it was listed on Binance, Huobi Global and OKEx. However, not everything went smoothly. The coin fell as anonymous developers sent half of all SHIB stock to Vitalik Buterin, hoping he would keep them. Instead, the creator of Ethereum donated the coins to charities and then liquidated the coins for cash. But SHIB has benefited from the attention Dogecoin has seen, especially when Elon Musk appeared on SNL last month, triggering a sell-off from DOGE after labeling the coin as "collective". SHIB is still well below the current market cap of the seventh-largest cryptocurrency, $41 billion Dogecoin, but has recently recorded larger gains. According to Nomics, the price of Dogecoin has dropped about 3% today and 38% in the last 30 days. SHIB buyers will look to capitalize on the meme coin trend to replicate the massive and rapid returns DOGE has seen this year.

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