Shiba Inu increases by 35% after Coinbase adds support for the meme token

The second largest memecoin in the world by market capitalization, Shiba Inu (quotation SHIB), increased by more than 35% last Friday, after U.S.-based Coinbase said its customers can now trade, send, receive or store SHIB on its platform.

New to meme coins?

A memecoin is typically a cryptocurrency associated with some theme, often as a joke rather than a serious product. SHIB was trading at $ 0,00000900 or 33,5% higher around 12:15 IST, according to CoinGecko, a digital currency pricing data and information platform. The token has a market capitalization of approximately $ 4,47 billion.

Shiba Inu aspires to be an Ethereum-based alternative to dogecoin (DOGE), the largest and most popular memecoin in the world with a market capitalization of over $ 33 billion. This token was also up 4% to $ 0,253684.

What is Shiba Inu inspired by 

The Shiba Inu is a hunting dog breed from Japan and the coin, which bears his name, is nicknamed "DOGECOIN KILLER".

Unlike Bitcoin, which is specially designed to be scarce, the SHIB token is intentionally designed abundant, with a circulating supply of one quadrillion coins. Today, there are around 500 trillion coins in circulation of this meme cryptocurrency.

Created in August 2020 by an anonymous person known as Ryoshi (just as Bitcoin was created by the anonymous Satoshi Nakamoto), the price of the Shiba Inu coin is negligible, which allows investors to own billions and even trillions of this coin. .

Memecoins are highly volatile cryptocurrencies that are known to witness abrupt movements based on events and news.

Income percentages out of your mind

Over the past year, Shiba Inu posted a gain of 89.76.638,5%, while dogecoin increased by 8.933,8% over the same time period. However, both tokens are down around 75% from their respective all-time highs.

On the other hand, blue-chip cryptocurrencies, bitcoin, are up about 340% year-on-year. Tesla Inc. chief Elon Musk recently tweeted a photo of a new Shiba Inu puppy sleeping on the floor.

Reacting to the tweet, a Floki-themed cryptocurrency called Floki Inu increased by more than 1.000% within hours. Dogecoin was up more than 20% in February after US-based cryptocurrency exchange Coinbase said it was listing the token on its professional platform.

Overall, Coingecko tracks 63 meme tokens with a combined market cap of nearly $ 38 billion. And you have already invested a few coins to take home, so to speak, some meme tokens? If so, which one? Let us know in the comments section below.