TL; DR Breakdown
- Shiba Inu lists on Gemini after a meteoric rise.
- The surge was triggered by Coinbase listing.
- Dog coins are doing well in the market.
October was a good month for the crypto market as most of the assets rode a bullish trend to catapult in value to the top. One such coin that rode the wave was Shiba Inu, a meme coin built to challenge Dogecoin. Although the asset has cooled down a little, it did not stop top exchange Gemini from listing it on its platform. Coming alongside the meteoric rise of the digital asset, it entered the top 11 In crypto assets after its market cap saw a massive boost.
Coinbase listing triggered Shiba Inu price jump
According to the Winklevoss-owned crypto exchange statement, traders who intend to buy and trade the meme coin can do so on the platform. Also, the report said that it had added other digital assets to its platform for trading, such as USDC. Other digital assets on the platform include AUDIO, the native token belonging to Audius, which allows users to stream live music.
The massive rise of Shiba Inu stemmed from a list on San Francisco-based crypto exchange, Coinbase. Presently, the digital asset has cooled down from its enormous surge as it is only up by 2% in a day. According to data culled from CoinGecko, the digital asset is presently trading at $0.00005400.
Dog meme coins succeeding in the market
Dogecoin, the first-ever meme coin that entered the market, witnessed a massive rise in the crypto market, moving from a price below $0.50 to a price around $0.73. However, the asset is not currently experiencing good fortune in the market as it is currently trading around $0.26, losing 65% of its value since it touched $0.73. Although Shiba Inu is still pretty new in the market, it has been performing wonderfully since it entered. It is presently posing a severe challenge to Dogecoin. To put it into perspective, Shiba Inu grew about 800% last month to reach a new all-time high of $0.00008616.
SHIB has also topped above Dogecoin in terms of market capitalization throughout the previous weeks. However, Shiba Inu’s fortune has dwindled as the digital asset now has a market cap of $30 billion. It is presently below Dogecoin, with the former holding a market cap of $34.2 billion. Other dog coins that have seen good fortunes in the market of late are ELON, FLOKI, with SAMO also entering the mix. Trading dog coins comes with some precision as the assets are most volatile, with Dogecoin riding on social media wave to pump.