They’ve let the dogs out.

Shiba Inu has pumped by over 25 per cent this morning after trading in the meme coin finally began on Coinbase Pro. The listing was initially scheduled for June, but delayed because of technical issues.

More than US$1.24 billion (A$1.7 billion) in Shiba tokens had been traded on Coinbase by 11.30am AEST, just nine hours after trading began.

More than 665,000 Ethereum wallets now hold the ERC-20 token – making it one of the most widely-held Ethereum coins outside of stablecoins. Just 269,000 wallets hold Uniswap’s UNI token, according to Etherscan, for example.

Shiba Inu
SHIB trading for the past month on Binance (Tradingview/Stockhead)

Close to midday, Shib tokens were trading at a one-month high of US0.0008578, up 27 per cent from yesterday.

GALA soars after Binance listing

Meanwhile, the Gala Games token has soared fivefold in five days, after trading began on Binance on Monday.

At lunchtime (Sydney time), GALA ERC-20 tokens were up 86 per cent to US11.21c, after being available for just over 2c over the weekend.

Founded by Zynga co-founder Eric Schiermeyer, Gala Games is an NFT and gaming ecosystem with a slick-looking “spidertank” game coming out soon.

Coinmarketcap currently lists GALA as the No. 217 crypto with a market cap of US$780 million.

Crypto market edges lower

Overall, the crypto market was down 0.3 per cent to US$2.18 trillion, with Bitcoin down 0.3 per cent to US$47,950 and Ethereum down 0.8 per cent to US$3,575.

Avalanche had gained 8.2 per cent to US$65.33, and had earlier this morning hit an all-time high of US$68. Coingecko had it listed as the No. 12 crypto, while Coinmarketcap put it at No. 13.

Avalanche-based trading platform Trader Joe had hit an all-time high of US$3.07 yesterday and derivatives platform DYDX did this morning.

Behind Shiba Inu, the biggest gainer in the top 100 was Solana-based music streaming platform Audius, which was up 24.8 per cent. Cosmos had gained 15 per cent and Algorand was up 9.4 per cent.

On the flip side, Telcoin was the biggest loser in the top 100, falling 9.5 per cent, followed by Horizen and Fantom.