Shiba Inu coin — a meme-based cryptocurrency token — skyrocketed to new levels last week before taking a big dip, showing to the volatility of cryptocurrency.
What happened to SHIB coin?
Last week, Coinbase added the cryptocurrency token to its list, allowing users to trade Shiba Inu coin on Coinbase.com and the company’s mobile app.
- The Shib coin jumped by 35% in value right after, according to Mint, which monitors financial and cryptocurrency news.
Why Shiba Inu coin might not grow again
Shiba Inu coin had a spike in value because of the Coinbase launch, but the spike didn’t last long enough to show there was sustained growth, according to AMBCrypto, a cryptocurrency news site.
- When Shib coin was listed on Coinbase Pro, it jumped 28.87% growth in just one day. Still, Shiba Inu coin could not surpass the 0.00001010 value it has been under since May when hype for the coin was high.
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At that point, Shib coin investors sold all of their coins, which hurt the value, too.
- “This kind of behavior is the exact reason why SHIB is an untrustworthy asset because it is literally treated like a pump and dump asset. The instances observed yesterday are similar to what we saw at the beginning of the July rally,” according to AMB Crypto.