Coinbase Pro delays SHIB deposits, causing its price drop

Many people were shocked by Shiba Inu’s (SHIB)‘s proposal to make its debut on the US cryptocurrency exchange Coinbase Pro. the exchange is one of the most regulated and compliant exchanges globally. At the same time, the coin is just a memetic currency without its characteristics.

However, earlier this week, Coinbase Pro, along with Keep Network (KEEP) and Chiliz (CHZ), mentioned three new assets listed on the platform.

Many people in the crypto sphere assume that this move is a way for Pro to stay relevant and even compete with competitors (listing such tokens, but arguably less compliant) in terms of revenue.

However, Coinbase Pro revised its SHIB plan on Wednesday night.

The exchange started in its tweets and blog post updates. They stated they were having a technical issue that would postpone the launch of SHIB on Coinbase Pro. They temporarily banned SHIB deposits.

Why did Shiba Inu fall so sharply?

The announcement caused SHIB to fall in a spiral of nearly 10%-offsetting the gains from the skyrocket earlier this week. The token is now down 80% from its historical high on May 10. It still brings investors a return of up to 13,599,764.8%, starting from the November low.

If the price chart passes, SHIB is currently at the local “support” level. US$0.0000076 is a noticeable level of demand. Buyers stepped in to increase their vaults, while US$0.0000097 is an apparent level of supply. Sellers seem to be profiting here.

However, Coinbase Pro stated that it looks forward to launching SHIB deposits as soon as possible. The company said.

Could SHIB raise again?

Santiment, a cryptocurrency analysis company, stated that Shib coin rose so much in May because investors believed it would become the next Dogecoin. There were thoughts of Shib Inu becoming a “Dogecoin killer.”

Santiment also stated that the hype surrounding the Shiba Inu coin has subsided. It is the reason why the coin has not risen sharply recently. Social media hype may lead to a substantial increase in the interest and value of Shib tokens. However, since then, the hype has subsided, which has caused the decline.

According to Santiment, the Shib surge in May indicates that the token has reached its peak. When a token appears in the list of emerging trends, especially the top 3, it is usually a sign of the top of the price. Santiment said that if the hype (or social volume) is not increased, The price can hardly sustain its upward trend.