Wednesday, August 4

Shiba Inu (SHIB) Falls After Delay

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The popular US exchange had said that memecoin’s debut would experience a “temporary delay”. There has been a decline in the Shiba Inu since then.

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The fact that the Shiba Inu (SHIB) will be listed on the US crypto exchange Coinbase Pro came as a shocking surprise to many. After all, Coinbase is one of the regulated exchanges, while SHIB is a meme currency with no native features of its own.

Still, Coinbase Pro also mentioned Shiba Inu as three new assets to be listed on the platform, along with Keep Network (KEEP) and Chiliz (CHZ) earlier this week. Many in the cryptocurrency circles assumed that the move was a way for Pro to compete with competitors (which list such cryptocurrencies but are less legally compliant).

After this announcement, the Shibu Inu community went crazy. But Coinbase Pro made a change to its SHIB plans late Wednesday, and the happiness was short-lived. In both the tweet and blog post update, the exchange said, “We are experiencing technical issues that will temporarily delay the listing of SHIB on Coinbase Pro. We are currently disabling SHIB deposits; Withdrawals are still available.”

The Fall of the Shiba Inu

The announcement caused SHIB to drop nearly 10%, erasing the gains from the earlier this week’s rally. The coin has now dropped as much as 80% from its all-time high on May 10, but still yielded up to 13,599,764.8% from its November low for investors.

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According to Shaurya Malwa of Crypto Slate, SHIB currently stands at a local ‘support’ level. $0.0000076 is a visible level of demand where buyers take steps to add to their coffers, while the $0.0000097 level is a supply level where sellers seem to be making a profit.

However, it is too early to feel sorry for memecoin. Coinbase Pro said it looks forward to enabling SHIB deposits soon. “We will provide an updated timeline to restore deposits and enable trading as soon as possible,” the firm said in a statement.

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