Coinbase made the meme cryptocurrency Dogecoin (DOGE) listing earlier this month. And on Tuesday, Coinbase announced the Shiba Inu (SHIB) token would be added to Coinbase Pro this week. Some regard the ERC20 encrypted Shiba Inu as an alternative token to Dogecoin.
The NASDAQ-listed company stated that immediately, Coinbase Pro users could transfer Shiba Inu tokens to their accounts. Though, New York citizens will not be able to trade with SHIB for now.
The announcement also covers chiliz (CHZ) and keep network (KEEP). In addition to Dogecoin, the company recently added trading support for multiple tokens on Coinbase Pro. The list includes Polkadot (DOT), Gitcoin (GTC), enzyme token (MLN), amp (AMP), and the Internet Computer (ICP).
The price of Shiba Inu cryptocurrency soared after the trading platform Coinbase Pro announcement
According to data from CoinMarketCap, the price of Shiba Inu rose by about 27% to $0.0000090 on Wednesday morning Eastern Time, with a market value of $3.5 billion.
At the same time, the Chiliz token rose by 26.7% to US$0.35, with a market value of US$2.1 billion. Keep Network tokens rose 12.5% to 0.6 US dollars, with a market value of approximately 317 million US dollars.
The company stated in detail that once a sufficient supply of Shiba in cryptocurrency is established on the Coinbase Pro platform, the transaction of the SHIB-USD and SHIB-USDT order books will be initiated in three stages, namely, release only, limit only, and complete transaction.
On Tuesday, Coinbase stated that these three altcoins could only be used for inbound transfers on Coinbase Pro. It is a professional-level transaction service provided by Coinbase.
It stated that if the tokens have established sufficient liquidity on the platform by that time, trading of the tokens will begin at 9 a.m. Pacific time (noon Eastern Time) on Thursday, June 17.
Liquidity is essential in cryptocurrencies and the broader financial world. It measures how easy it is to trade a given asset (such as a cryptocurrency token) without affecting its price.
For this reason, traders tend to choose markets or assets with good liquidity because it means that buying and selling in these markets is easy. On the other hand, tokens with inferior liquidity may be challenging to buy and sell. Poor liquidity may also mean that the price of the token will change during the transaction.
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