After being listed by the leading crypto exchange in the US, Coinbase, the price of Dogecoin knock-off, Shiba Inu, spiked sharply.
SHIB/USDT 1-hour price chart. Source: TradingView
As was widely reported, the dog-based coin was also listed on the US Binance exchange. Shiba Inu would have been added two months ago alongside two other tokens, but some technical issues resulted in the delay of the listing. Coinbase Pro officially listed the token on September 9. However, trading officially started today, with the token price rising by about 45%.
As of this writing, SHIB is trading at $0.00000912. The announcement of its Coinbase listing also caused a jump in its market cap and trading volume. SHIB’s market cap has risen by about $1B in the last five days and is now over $3.5B.
Consequently, it ranks number 46 among the top 100 cryptocurrencies worldwide. Likewise, its trading volume rose by over 150% in the last 24 hours. Its trading volume is now at over $2.6B compared to over $1.6B as of yesterday.
SHIB is an Ethereum-built governance token designed as a knock-off of Dogecoin. Over one quadrillion SHIB is in circulation with several use cases around it, most notably, the ShibaSwap decentralized exchange.
This token’s bullishness and volatility are based mainly on adoption and not use cases. Hence, SHIB enthusiasts keep increasing awareness about it to entice more members similar to the growth of Dogecoin.
Musk Still Has Massive Influence Over The Crypto Space
He may not be wholly involved in the digital asset space, but the electric car billionaire’s influence over the crypto space is still massive. He has used his social media activity to skyrocket the price of some tokens and crash the price of a few others. Last month, Musk changed his Twitter profile picture to one that resembles a Dogecoin. Almost immediately after the change, the Dogecoin price gained over 25%.
Since the Dogecoin price didn’t rise as expected, some crypto enthusiasts have already concluded that Musk’s influence in pushing up Dogecoin is waning. Before the May 2021 market crash, the Dogecoin price was ahead of USDT. But now, the reverse is the case.
The SpaceX CEO’s influence is so great that he has been called out on a few occasions. The secretary of labor, Robert Reich, saying, “Elon Musk’s Twitter activity and the price of cryptocurrencies is another proof of how wealthy mean can manipulate the market without suffering any consequences. He needs to realize that his tweets are affecting many lives.”
Reich made this statement before Musk’s last appearance at the SNL show where Dogecoin expected him to speak in favor of the meme coin. But instead, he veered in the opposite direction, sending Dogecoin price crashing after the interview.
Also, Musk’s tweet about $cummies, the governance token for CumRocket (an adult NFT network), caused a sharp rise in the token’s price. Musk reacted by admitting that he does pump, but he never dumps when he was accused of pumping and dumping Dogecoin.