Coinbase Pro To List Shiba Inu, The “Dogecoin Killer” Price Soars

The price of the shiba inu cryptocurrency rose on Tuesday after Coinbase revealed that the meme cryptocurrency would begin trading on Coinbase Pro this week.

Coinbase To Trade Shiba Inu

Coinbase announced Tuesday that shiba inu (SHIB) crypto would begin trading on Coinbase Pro this week, after the listing of the meme cryptocurrency Dogecoin (DOGE) earlier this month. Some consider the ERC20 crypto shiba inu to be a viable alternative to Dogecoin.

Coinbase Pro users can now transfer shiba inu tokens into their accounts, according to the Nasdaq-listed business. Residents of New York, however, will not be able to use SHIB. The firm clarified:

Trading will begin on or after 9AM Pacific Time (PT) Thursday June 17, if liquidity conditions are met.

Coinbase added SHIB little more than a month after that coin’s creation, in marked contrast to its addition of dogecoin, which seemed to take doge years. This reflects a sea change in the approach of the exchange, a change announced at the time of its addition of dogecoin on June 1.

The announcement also covers chiliz (CHZ) and the keep network (KEEP). Besides dogecoin, the company recently added trading support for a number of tokens on Coinbase Pro, including polkadot (DOT), gitcoin (GTC), enzyme token (MLN), amp (AMP), and internet computer (ICP).

Shiba Inu is a meme coin similar to Dogecoin, which was inspired by a Shiba Inu meme from the 2010s. It is, however, an ERC20 token, which means it functions on the Ethereum network, unlike DOGE.

SHIB is the 17th-largest coin by market capitalization, according to Nomics, with over $9 billion—more than Stellar, Ethereum Classic, or Dai.

Shiba Inu’s anonymous founder Ryoshi (a psuedonym) made the unwise decision to send half of the token’s supply to the founder of Ethereum, Vitalik Buterin. Why? Ryoshi’s claims that he wanted to minimize Shiba Inu’s supply and increase its value.

Two days after Shiba Inu got listed on Binance, Buterin donated $1 billion worth of Shiba Inu to an India-based COVID-19 fund. Unfortunately, the token suffered as a result and tanked to painful lows.

Related article | Vitalik Buterin Dumps His SHIB, Price Tanks 30% In 1 Hour

Now that Coinbase added Shiba Inu to its list of supported cryptocurrencies, “Dogecoin killer” token holders now have renewed hope that Shiba Inu can surpass its Elon Musk-led rival to the moon.

Price Soars After Announcement

The price of the shiba inu cryptocurrency jumped over 30% around the time of the Coinbase announcement. At the time of writing, the price of SHIB is $0.0000092 and its market cap is $3.6 billion, based on data from Coinbase.

ShIB/USD currently at $0.0000092 following Coinbase news. Source: TradingView.

Trading of SHIB-USD and SHIB-USDT order books will begin in three phases, post-only, limit-only, and full trading, once adequate supply of the shiba inu cryptocurrency is established on the Coinbase Pro platform, according to the firm.

Related article | Binance Lists SHIB, Will It Become The Next DOGE?

Featured image from Pixabay, Charts from TradingView.

Kraken Reconsidering IPO

Does Coinbase’s mild direct listing performance have emerging crypto platforms thinking twice about going public? The latest comments from major cryptocurrency exchange Kraken might be suggesting so.

In an interview with CNBC earlier this year, Kraken CEO Jesse Powell shared that the company was considering going public via a direct listing in 2022. Coinbase went public less than a month later, and now just a few months after the Wall Street debut, Powell and company may be having second thoughts.

The IPO… I Don’t Know

Kraken is a top 3 exchange when ranked by volume, and continues to grow. However, Kraken’s future when it comes to a public listing is still a question mark. In a recent appearance on Fortune’s video series “Balancing The Ledger”, Powell stated that the firm was taking a harder look at going public, especially when it comes to a direct listing.

“An IPO is looking a little more attractive in light of the direct listing’s performance”, said Powell. “I would say we’re looking at it more seriously now having the benefit of seeing how the direct public offering played out for Coinbase”.

Related Reading | Cardano: Kraken Launches ADA Staking, $2 Next Price Target?

Coinbase Struggling Since Direct Listing

In just a few short months, Coinbase has seen it’s initial valuation cut by roughly a third, going public at over $68B, to a present day valuation just shy of $48B. The company is nearly ten years deep in operations, and undoubtedly still feeling strong about it’s long-term successes. Additionally, the company is paving the way for other crypto-focused businesses to follow suit. However, the direct listing approach for the firm appears to leaving investors wary, and to Powell’s point, has likely been a “watch and learn” experience for some of the biggest public-facing crypto firms considering going public.

Since going public via direct listing in April, it's been a steady slide for Coinbase. | Source: $COIN-NASDAQ on TradingView.com

Can Kraken Crack The Code?

Despite the struggles seen from Coinbase shares, bolstered by a less than stellar earnings report debut, CEO Brian Armstrong saw the direct listing route as appropriate. Armstrong told CNBC in April that a direct listing was “more true to the ethos of crypto”.

Kraken’s Powell doesn’t quite see it the same way. “I think [Wall Street] is so tied up in the legacy way of doing things”, Powell said in his recent appearance. Nonetheless, Powell didn’t commit one way or another when it came to direct listing vs. IPO – but he did rule out one ‘hot’ public route: SPACs, or special purpose acquisition companies. SPACs have been an increasing topic and rumor-mill for emerging companies, such as crypto start-up Circle.

It remains to be seen what approach Kraken and other emerging crypto firms will take, but rest assured that they are paying close attention to the market forces at work.

Related Reading | Coinbase Banks On Dogecoin Listing To Revive Stuttering Fortunes

Featured image from Pixabay, Charts from TradingView.com