Popular cryptocurrency exchange Coinbase has announced via Twitter its support of the Shiba Inu token for its New York users.

New York-based clients can access Shiba Inu on Coinbase.com as well as on the company’s Android and iOS applications. Coinbase has listed Shiba Inu in trading pairs of SHIB-EUR and SHIB-GBP. 

Shiba Inu Listing on Coinbase to Renew Investor Confidence

Shiba Inu listing on Coinbase conveniently comes when traders need a confidence boost over the meme token. SHIB experienced a bearish trend last week after a season of a consistent price surge.

The price of the Dogecoin rival plummeted by 30% last week, triggering fear, uncertainty, and doubt for the investors. 

Traders were previously attracted to Shiba Inu because of its incredible performance, especially in October where its price surged by over 700%. However, SHIB has manifested an extremely volatile behavior that is unattractive to traders.

Coinbase listing of SHIB could potentially renew the performance of the meme coin on the market and restore investor confidence. Since the announcement, Shiba Inu’s price has risen by more than 20% in the last 24 hours. 

Before this recent official listing, popular cryptocurrency exchange Coinbase had listed Shiba Inu on its professional trading platform, Coinbase Pro. Coinbase planned to add SHIB earlier, but the date was pushed due to a technical glitch. 

Coinbase’s Activities

Coinbase listing of SHIB is amidst regulatory pressure from SEC. The crypto exchange is planning to launch a lending product that was set to launch last month, and SEC has warned that if Coinbase proceeds to launch the product, it will press charges.

Coinbase is also exploring trading cryptocurrency derivatives. The exchange has already applied with the National Futures Association. Once the approval goes through, Coinbase will be under the regulatory oversight of the CFTC.

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