Fresh off a wildly successful rollout of Dogecoin on the popular cryptocurrency platform Coinbase, the publicly traded company announced that as of June 15, app users can now transfer Shiba Inu Coin (SHIB), along with Chiliz (CHZ) and Keep Network (KEEP) into their Coinbase wallets. Trading is set to start on June 17, pending liquidity requirements.
SHIB, a meme coin similar to Dogecoin that calls itself a “dogecoin killer,” ranks #30 on the website coinmarketcap. Trading jumped to 30% on news of the Coinbase listing. As of this writing, the price of SHIB is $0.000008763.
According to Coinbase “SHIB is a token that aspires to be an Ethereum-based alternative to Dogecoin (DOGE), the popular memecoin. Unlike Bitcoin, which is designed to be scarce, SHIB is intentionally abundant — with a circulating supply of one quadrillion. The Shiba Inu Token ecosystem supports projects such as an NFT art incubator and the development of a decentralized exchange called Shibaswap.”
Already popular in niche cryptocurrency circles, SHIB has made a handful of millionaires out of early investors. Two brothers from Westchester, NY, who have kept their family name out of the media to protect their privacy, invested just a few hundred dollars they could afford to lose in the meme coin when their business as wedding videographers took a nosedive due to the COVID-19 pandemic. Just for fun, they put money on SHIB believing the coin would bottom out eventually.
To their surprise, SHIB's price went up. Eventually, the brothers convinced their family members to invest. Their collective $8,000 investment was worth $9 million as of May 2021, according to CNN Business.
Cryptocurrencies are volatile assets. New and experienced crypto enthusiasts are advised to do their research before investing in any currencies.