According to reports from Nomics, Shiba Inu (SHIB) surged 22 percent today as Coinbase Pro listed the asset. Although SHIB remains in the sub-cent area, the ETH-based meme coins rose to $0.00000907 from $0.00000725 in the first 90 minutes after Coinbase pro listing declaration, to trade at $0.00000868.
With such moves, SHIB ranks 19th by market value according to Nomics. However, Coingecko lists it 29th and Coinmarketcap 30th.
Clay Collins, Nnomics Co-founder, and CEO said that Coinbase Pro listing is the reason behind the SHIB surges.
At the moment, Shiba Inu has a market cap of $8.81 billion, making it the highest gainer amongst the top-100 crypto coins today.
Similar to Dogecoin, SHIBA has a Shiba Inu dog meme version. However, unlike Dogecoin, SHIB is an ERC20 coin operating on the ETH network.
Keep in mind that SHIB developers launched the coin to experiment with decentralization in the community. The meme asset surged remarkably by more than 2,000,000% before its highest prices in May, after OKEx, Huobi Global, and Binance Listing.
However, similar to most cryptocurrencies, SHIB had various difficulties towards its highs. For instance, the meme coin plummeted drastically after the unknown developer transferred half of Shiba Inu’s supply to ETH billionaire Vitalik Buterin, hoping the CEO would hold them. Instead, Vitalik donated the virtual to charities that liquidated them for money.
However, SHIB enjoyed surges after benefiting from the attention that Dogecoin received over the past few months. The coins started rising after Elon Musk’s appearance on Saturday Night Live last month. The Tesla CEO appearance saw DOGE selling off as he called it’s a ‘hustle.’
Although SHIB increases, it remains beneath DOGE’s current market capitalization, $41 billion. Keep in mind that Dogecoins ranks seventh in the market cap.
SHIBA Inu has seen massive gains recently.
Nomics data shows Dogecoin is still down by about 3% today and a 38% drop over the past month. At the moment, SHIB buyers seem to aim at capitalizing on the coin’s trends to accumulate huge returns, similar to what DOGE had in 2021, reaching the highest prices ever.
Besides SHIB, Coinbase declared listing CHZ and KEEP coins on Tuesday.