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[Update] Shiba Inu gets Coinbase listing — but there is an indefinite delay

Shiba Inu
(Image credit: Shibatoken.com)

 Update on June 16: Coinbase announced on Wednesday, June 16 that trading for Shiba Inu is now delayed for an indefinite period of time. It is disabling deposits for SHIB, but withdrawals are still available. "We will provide an updated timeline for restoring deposits & enabling trading as soon as possible," Coinbase tweeted.

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Shiba Inu, an Ethereum-based token dubbed the "Dogecoin killer," is now getting acknowledgement from the largest cryptocurrency exchange in the U.S.: Coinbase. On Thursday, June 17, Coinbase announced on Twitter that it will list Shiba Inu on its trading platform.

This is one of many major milestones for Shiba Inu this year. On May 10, Binance, the world's leading cryptocurrency exchange, added Shiba Inu to its arsenal of supported digital assets.

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Shiba Iu gets green light from Coinbase after rough patch

Shiba inu

Shiba Inu (Image credit: Shibatoken.com)

Shiba Inu's Coinbase listing is much-needed good news after the token suffered a massive plunge in price last month. 

Shiba Inu's anonymous founder Ryoshi (a psuedonym) made the unwise decision to send half of the token's supply to the founder of Ethereum, Vitalik Buterin. Why? Ryoshi's claims that he wanted to minimize Shiba Inu's supply and increase its value.

Crypto pundits suspect the real reason Ryoshi sent the tokens to Buterin is publicity. After all, Buterin has a public Ethereum wallet, which offers transparency to his holdings. Ryoshi was hoping that Buterin would eventually burn the tokens, or at the very least, just sit on them without doing anything. However, Buterin did exactly what Ryoshi did not want him to do: sell them.

Two days after Shiba Inu got listed on Binance, Buterin donated $1 billion worth of Shiba Inu to an India-based COVID-19 fund. Unfortunately, the token suffered as a result and tanked to painful lows. 

Now that Coinbase added Shiba Inu to its list of supported cryptocurrencies, "Dogecoin killer" token holders now have renewed hope that Shiba Inu can surpass its Elon Musk-led rival to the moon.

Shiba Inu trading on Coinbase launches on Thursday, June 17 at 9 a.m. PT / 12 p.m. ET.

Kimberly Gedeon, holding a Master's degree in International Journalism, launched her career as a journalist for MadameNoire's business beat in 2013. She loved translating stuffy stories about the economy, personal finance and investing into digestible, easy-to-understand, entertaining stories for young women of color. During her time on the business beat, she discovered her passion for tech as she dove into articles about tech entrepreneurship, the Consumer Electronics Show (CES) and the latest tablets. After eight years of freelancing, dabbling in a myriad of beats, she's finally found a home at Laptop Mag that accepts her as the crypto-addicted, virtual reality-loving, investing-focused, tech-fascinated nerd she is. Woot!