Shiba Inu jumps 21% after it was recently listed on Coinbase. It was a long time coming for SHIB as we have heard Coinbase’s plan to add all tokens to their platform. In fact, this is one of the popular ones making this addition a fan favourite. While adding support for SHIB trading on their platform, Coinbase has also added support for deposits and withdrawal to maintain liquidity. This is essential because we know what happened when SHIB was listed on WazirX.
The price jump
SHIB was not doing well and was already down nearly 6% last week. Even this week, it has shown weak signs of revival as the price was up by only 0.2%. But recently, the price of Shiba Inu jumped by 21.1% as the Coinbase users started to pump it. The token is still down 8% in the monthly chart and has now been trading at $0.00000825. SHIB is also much behind Dogecoin, with a market cap of just $3.6 billion and approximately 657,335 hodlers.
This price jump could be a good thing for many who want to get out of the token due to obvious reasons. I would suggest that that people book profit as SHIB will be dipping again like any token that rises 21.1% in a single trading day. This is not investment advice, but I have personally seen that investing in meme coins have not turned out to be a good thing for most people.
The problem is that, while the markets rally, they beat the market, but as everything crashes, they don’t recover as much. And this is the reason I have always been a big against Dogecoin or any other meme currency. You should always invest in something that has strong fundamentals, and the market fluctuations don’t completely ruin its strength. Pick any meme coins and see the chart. They rose fast when the market was moving up parabolically, and now they are not even recovering.
What are your thoughts on Shiba Inu as it jumps 21% after the Coinbase listing? And do you think it will dip again? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.