Key Takeaways:
- Shiba Inu will be available to Coinbase Pro users as of September 9.
- SHIB token gained over 50 percent after the news came out.
YEREVAN (CoinChapter.com) – Shiba Inu, one of the Dogecoin-spawned meme coins packed over 50 percent on growing adoption news. Coinbase exchange announced the new SHIB listing on September 8. The service will be available for Coinbase Pro users only, but the coin could reach a wider audience if the Pro service “trial” is successful.
Coinbase Pro listing
In hindsight, the exchange has been forward about increasing the listings in the third quarter of 2021. Coinbase representatives were open on their intentions since the company published its Q2 report. What the exchange strives for, is to become the go-to marketplace for acquiring or selling crypto.
Coinbase announced that the trading will begin on or after 9 AM on Thursday, if “liquidity conditions are met”. The exchange also specified that order books for SHIB/USD and SHIB/USDT pairs will launch in three phases, starting from post-only mode and proceeding to full trading.
The Shiba Inu listing falls into the pattern of expansion but raised a few eyebrows on Twitter. Some users thought listing meme coins is an unexpected move and found it quite controversial. Others argued that SHIB has a solid base of supporters and developers.
Also read: SEC doubles down on crypto exchanges. Is Coinbase next?
Coinbase’s decision to list the Shiba Inu coin led to a new green candle for SHIB.
SHIB daily chart
Before the listing news came out, the digital asset dropped to a record low of $0.00000507 on September 7. However, it managed a 50 percent uptrend overnight and reached $0.00000820, before stabilizing at $0.00000689 in the New York session Wednesday.
If SHIB continues to rally, it could retest the $0.00000761 line as support, and a boost to the next resistance level. If the digital asset sees a correction ahead, it could seek assistance from a resistance-turned-support line at $0.00000652.
Moreover, the recent bullish spike resulted in a golden cross between the 20-day exponential moving average (EMA-20; blue wave) and the 50-day simple moving average (SMA-50; red wave). In hindsight, the said formation is a bullish predictor that promises further gains for as long as the short-term MA manages to hold above the long-term MA.
Also read: Shiba Inu (SHIB) price momentum remains choppy as ShibaSwap introduces token burn
