Shiba Inu token soars after Coinbase listing — is Potato Coin next?
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The leading US cryptocurrency exchange, once known for the selectivity of its listings, has elected to allow trading in the polarising meme coin Shiba Inu.
Coinbase is listing the supposed Dogecoin killer alongside fan token platform Chiliz (CHZ) and the Keep Network‘s KEEP token, used for storing private data on public blockchains.
Shiba was up 21.8 per cent at 11.08am AEST, making the dog coin the second-best performing top 100 crypto in the past 24 hours, behind Amp, which was up 22.3 per cent to an all-time high of 9.5c. Used as collateral for payments on the Flexa network, Amp was listed on Coinbase last week.
Chiliz was up 11.7 per cent and Keep, up 3.7 per cent.
Bitcoin was trading for US$39,742, down 1.3 per cent from yesterday, while Ethereum was changing hands at US$2,500, down 3.5 per cent.
Overall the global crypto market was down 2.5 per cent from yesterday, with a total value of US$1.7 trillion, according to Coingecko.
Eighteen top 100 coins had advanced in the past 24 hours and the rest had declined. The biggest laggard was Dfinity’s Internet Computer token, falling 13.5 per cent to US$58.10. Kusama and Theta Fuel were both down 11 per cent.
Coinbase still has not listed VeChain, Icon or Celer Network, projects generally regarded as having some technical merit.
It also has yet to re-enable trading of Solana or XRP, after trading in the former was suspended for technical reasons and the latter because of the US Securities and Exchange Commission lawsuit against Ripple Labs.
So there was a bit of grousing over the US exchange listing a meme Ethereum token.
Hi, Wanted to know what’s the procedure to list my shit coin ? I am thinking of launching potato coin.
— Aditya Singh (@CryptooAdy) June 15, 2021
Embarrassing development. All about volumes and fees. Interests of customers and general market are strongly hampered. Regulatory scrutiny and intervention to be expected. Fundamentals and utility are completely ignored. Why not high quality coins with a viable use case? $KIN
— Baskin (@baskin2021) June 15, 2021
Where’s $VET $ICX $CELR or any other legit project instead of a copy of a meme coin with zero value prop? You’re a public company now, you’re held to a higher standard. This is de-legitimizing crypto and makes us look like a joke to legacy money.
— Andrew || Burning Forest (@Burning_Forest) June 15, 2021
Still, Shib remains a top 50 project, currently No 31. Some US$1.7 billion in Shiba tokens had been traded in the past 24 hours, just behind Dogecoin’s $1.9 billion trading volume.
💎We are on 🚀💎 pic.twitter.com/gaUPEDTBYi
— Mr.Anderson (@MrAnder96178878) June 15, 2021
The Shib Army – whose Reddit forum is 173,000-strong – was pledging to all buy US$50 more Shib tokens at 11pm AEST this Saturday.
— ऑइल पंचर वाले का लौंडा (@WelcomeToWadiya) June 15, 2021