Shiba Inu Makes Its Way Onto Coinbase Custody
The Shiba Inu community has been awaiting the official announcement from Coinbase for the meme coin to be added to the cryptocurrency exchange’s professional trading platform. Coinbase has taken a step in that direction by adding support for SHIB to Coinbase Custody, but that does not translate to a listing.
Coinbase Custody is a platform on which clients can store their cryptocurrency assets via cold storage hardware wallets, which are offline vs. hot wallets that store assets online. The custody platform is also insured and overseen by the New York regulator, the NYDFS.
In addition to Shiba Inu, Coinbase also announced that it added custody support for a couple of other cryptocurrencies, including Clover Finance and Mask Network. Based on the social media response, the Shiba Inu community is crossing their fingers that the custody addition signifies growing institutional demand for their favorite meme coin.
— Coinbase Institutional (@CoinbaseInsto) August 2, 2021
Shiba Inu investors recently got their hopes up about an upcoming Coinbase Pro listing. That type of exposure would bring more attention to the project and potentially give the SHIB price the jolt that holders are looking for. In mid-June, Coinbase followed up its announcement with an update, revealing that the listing had been delayed due to “technical issues.” The exchange has been vague about the details. A Coinbase spokesperson told us:
“SHIB is temporarily delayed in launching on Coinbase Pro – any new updates will be sent on the same Twitter handle.”
Meanwhile, Shiba Inu, which mimics the mascot of the Dogecoin project, a Japanese dog breed Shiba Inu named Doge, has had other victories. SHIB was recently added to digital broker eToro, for instance. There is also an online petition on Change.org with more than 174K signatures to see Shiba Inu listed on the popular trading app Robinhood.
Shiba Inu Price
The latest development has done little for the Shiba Inu price, which is down fractionally in the last 24-hour period. Over the past month, the SHIB price has shaved approximately 30% off its value amid a broader downturn in the crypto market.
It seems as though it is a matter of when, not if, Shiba Inu will be added to Coinbase. In the interim, the Shiba Inu community is waiting for the market winds to shift in their favor.