Benzinga | Sep 16, 2021 04:22PM EDT

To The Moon! Shiba Inu Lands On Coinbase

Coinbase Global Inc.'s (NASDAQ: COIN) trading platform Coinbase just listed Shiba Inu (CRYPTO: SHIB) following the recent integration on its professional trading platform Coinbase Pro.

What Happened: According to a Thursday Coinbase tweet, Shiba Inu is now available "on Coinbase and in the Coinbase iOS and Android apps." Customers of the U.S.-based crypto exchange can now sell, buy, convert, withdraw and deposit Shiba Inu on the platform.

Many proponents of the coin view the listing on Coinbase as a significant development. The reason is what has become known as the "Coinbase effect." According to an April study, a token being listed on Coinbase results in an average price gain of 91% in just five days.

See Also: HOW TO BUY SHIBA INU

Shiba Inu is an Ethereum (CRYPTO: ETH)-based Dogecoin (CRYPTO: DOGE) alternative with a circulating supply of one quadrillion. It supports projects such as a non-fungible token art incubator and a decentralized exchange known as Shibaswap.

SHIB Price Action: According to CoinMarketCap data, Shiba Inu is trading at $0.000008219 at publication Thursday after gaining about 21% over the past 24 hours.

Image: Shiba Inu