It provides crypto users with market information and descriptions for cryptocurrencies that get traded on its platform. Shiba Inu joined the bandwagon of cryptocurrencies added on the Coinbase platform for trading.
The crypto community is wondering why better cryptos are not getting added to Coinbase till now. Even though the platform has already listed a number of cryptos, Coinbase deems that regional support will depend on a case-by-case analysis that looks to legal, compliance, and other factors that are relevant to that jurisdiction.
Coinbase claims that some of these cryptos are available in other jurisdictions before coming to the US. However, the crypto community is persistent on Coinbase listing better cryptos in its platform, which they expect to be soon, if not now.
What is Shiba Inu?
Shiba Inu is a cryptocurrency depicted in Dogecoin’s symbol and was created in August 2020 by an anonymous person called “Ryoshi.” It initially began as a digital joke coin based on the Doge meme. SHIB is simply a decentralized cryptocurrency that got modelled off Dogecoin.
Shiba Inu is currently ranked #18, having a more than $11 billion live market cap. Shiba Inu quickly rose in value as the crypto community was drawn in by its cute charm paired with headlines and tweets from crypto enthusiasts like Elon Musk and Vitalik Buterin. What’s more, Buterin once donated more than 50 trillion Shiba Inu tokens (worth over $1 billion at the time) on 13 May 2020 to the India COVID-Crypto Relief Fund.
The Shiba Inu network is fully secured since it’s an ERC-20 token based on Ethereum. SHIB’s listing is much-needed news after it suffered a massive plunge a while ago. Ryoshi made the unwise decision to send half of Shiba Inu’s supply to Buterin. The reasons being that he aimed at minimizing the token’s supply and increasing its value.
SHIB’s trajectory has followed the booms and busts of the broader crypto world following the listing. Interestingly, Shiba Inu hit the spotlight again after being listed on Coinbase, the largest US-based cryptocurrency exchange. In fact, the news caused SHIB’s price to rise by over 40% in the days following the announcement.
Shiba Inu Listed on Coinbase
Coinbase boasts as the chief mainstream crypto exchange globally, and it has blossomed over time to become a standard on-ramp for new crypto investors. Bitcoin was the only coin that could get traded on the platform, but that changed after Coinbase began adding other cryptocurrencies that fit its decentralized criteria.
Coinbase expanded its list to include other coins like Shiba Inu with the promise of more as long as its requirements get met. SHIB is now available on all Coinbase platforms, including Coinbase.com, Coinbase Android, and IOS apps. Shiba Inu users can now leverage Coinbase to trade, send, receive or store SHIB in most Coinbase-supported regions. Trading of the Shiba Inu token also gets supported on the Coinbase Pro.
The Shiba Inu token was designed to be abundant, with a circulating supply of one quadrillion. The Shiba Inu network backs projects such as developing a decentralized exchange called Shibaswap and an NFT art incubator.
Why Aren’t Better Cryptos Being Added on Coinbase?
Coinbase began listing cryptocurrencies in its platform, but some are curious about big cryptos not getting added yet. In response, the crypto exchange platform addressed to the public that it will remain transparent with customers about the support of future assets.
Coinbase based its reluctance claiming that these assets will require additional exploratory work. Until then, the platform could not guarantee the cryptocurrencies will get listed for trading in the future.
In addition, Coinbase has a listing process that might deny these assets the ability to send or receive using a local wallet. The crypto exchange may only list these assets solely for customers to buy and sell. Furthermore, Coinbase may only allow specific ways to interact with these assets through their platform, like supporting only deposits and withdrawals from transparent crypto addresses.
What’s more, Coinbase might be reluctant to list these assets because some may get offered in other jurisdictions prior to being listed in the US. The platform will portray transparency with its customers by displaying public-facing APIs and other signs that it’s conducting engineering work to support these assets.
The crypto exchange platform must provide its customers with updates about the process and expect better cryptos to get listed. Nevertheless, the crypto craze should expect Coinbase to make similar announcements about exploring the addition of multiple assets. On the other hand, some of these better cryptos may become available everywhere, but others may only get supported in specific states.
Coinbase is significantly exploring the feasibility of supporting these better cryptos, which is consistent with its process for adding new assets. The crypto exchange platform expects that these assets may require additional exploratory work, resulting in one or more of them being listed only in specific jurisdictions or not at all. The platform’s legal exploratory analysis will vary by jurisdiction and will only launch cryptos compliant with local law.
Shiba Inu is among the cryptocurrencies to join the race that Coinbase offers for investing, trading, and staking. Shiba Inu users can take advantage of Coinbase’s simple user interface to invest in the coin. On the other hand, Shiba Inu users could face high fees while using Coinbase compared to some of its largest competitors. Users may encounter high fees while using the standard Coinbase platform unless they use Coinbase Pro, which has more features that could be overwhelming to new crypto traders.
After Coinbase listed Shiba Inu, also called “Dogecoin killer,” crypto enthusiasts now have renewed hope that the token can surpass its Elon Musk-led rival to the moon. Even though Coinbase has included Shiba Inu in its platform, the serious crypto community in trading might not find a great selection of altcoins to dabble in their trades.