Meme coin Shiba Inu skyrockets 35% on its first day of trading on Coinbase

(Maxim Izbash/Unsplash)

The world’s second biggest meme coin, Shiba Inu (SHIB), soared 25% on Friday after its debut yesterday on Coinbase, the US’s largest exchange platform. 

The China-based cryptocurrency, that was created based off of meme coin favourite Dogecoin, is one of the most popular players in the meme coin craze. Cryptocurrency enthusiasts looking for the new meme coin to go “to the moon” were eagerly buying into the new coin on the market, as its price soared by 35%. Dogecoin was also trading higher at 4% on Friday. 

The meme token, that draws inspiration from Dogecoin and is represented as Shiba Inu hunting dog, currently stands as the 48th largest crypto in the world since its launch on Coinbase, and is slowly making its way up the ranks—with Dogecoin currently in ninth place.

SHIB has seen gains of 89,76,638% over the last 12 months, while Dogecoin has seen 8,933.8%. Tokens of SHIB are plentiful, with 500 trillion coins circulating, opposed to Bitcoin which is designed to be more scarce.

According to the meme token’s website, SHIB is committed to helping reverse the spread of Covid in India, and has launched the biggest crypto donation in history. SHIB’s founder, Ryoshi, says, “Thank you to the woofmeister for enabling true decentralization. Now we truly begin.”

Shiba Inu has a market cap of $4.47 billion and has a vision to become the Ethereum-based alternative to Dogecoin. There are currently 63 meme tokens being tracked by Coingecko, totalling a combined market cap of close to $38 billion.

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