Shiba Inu (SHIB) ranks 19th among the largest cryptocurrencies by market value after listing on Coinbase Pro.
Shibu Inu’s (SHIB) price soared 22% today after Coinbase Pro listed the token, according to Nomics.
SHIB is still in the sub-cent range, but its value has risen from $0.00000725 to $0.00000907 in the 90 minutes after Coinbase Pro’s listing announcement and is currently at $0.00000868.
This makes it the 19th most valuable cryptocurrency by market capitalization, according to the price aggregator Nomics.
SHIB’s current market capitalization is now $8.81 billion and is the biggest gainer among the top 100 currencies today.
Like the Dogecoin (DOGE,) SHIB features a meme version of the Shiba Inu dog breed. But unlike DOGE, it’s an ERC20 token running on the Ethereum network.
She went released in April as a “decentralized spontaneous community building experiment” and quickly increased its value by more than 2,000,000% before peaking in early May when it was listed in Binance, Huobi Global and OKEx.
It wasn’t all a bed of roses, however. The token plummeted when the anonymous developers sent half of the SHIB supply to Vitalik Buterin, hoping he would keep them. Instead, the creator of Ethereum donated the coins to charities, which then liquidated them in cash.
But SHIB benefited from the attention Dogecoin received, especially when Elon Musk appeared on SNL last month, leading to a massive sale of DOGE after he apparently called the coin of “useless”.
SHIB is still well below Dogecoin’s current market value of $41 billion, the seventh-largest cryptocurrency, but has recently seen bigger gains.
Dogecoin’s price has dropped about 3% today and 38% in the past 30 days, according to Nomics. SHIB buyers will look to capitalize on the trend of meme coins to double the huge and quick returns that DOGE made this year, when its value surpassed $0.68 for the first time.
However, it’s not the only dog-themed coin; LEASH has also made impressive gains, as has the upcoming “Dogecoin killer” BONE, which is due to be released alongside a decentralized ShibaSwap (DEX) exchange.
In addition to SHIB, Coinbase announced the Keep Network (KEEP) and Chiliz (CHZ) token listings on Tuesday.
Trading is scheduled to start on Thursday, June 17, assuming liquidity conditions are met and will be launched in three phases: post-sale, limit only, and full trade.