Shiba Inu has received a decent price boost and in addition to a listing on Coinbase Pro, a petition submitted to PayPal could also have spurred the Memecoin on.
Shiba Inu (SHIB), often referred to as the Dogecoin killer by its anonymous inventor, has repeatedly attracted a lot of attention in recent weeks. Above all, a clever marketing campaign has made global headlines.
As a reminder: In mid-May, the Shiba Inu Coin inventor Ryoshi gave 50 percent of all SHIB tokens to the Ethereum inventor Vitalik Buterin. He then donated 10 percent of his gift to a corona aid in India and destroyed the remaining SHIB coins. With this move, SHIB gained worldwide fame and was able to rise to the second most famous meme crypto currency after Dogecoin.
But what factors are currently ensuring that SHIB is back in the spotlight?
Coinbase effect inspires Shiba Inu Coin
Last Tuesday, Coinbase Pro announced the listing of the Shiba Inu cryptocurrency on Twitter. The Nasdaq-listed crypto company said it would open SHIB trading on June 17. In addition to SHIB, the two crypto currencies Chiliz (CHZ) and Keep Network (KEEP) were also listed on Coinbase Pro.
Shortly after the announcement, the SHIB rate jumped over 25 percent. At press time, the Memecoin is trading at $ 0.000009.
Usually, listing on Coinbase Pro means that SHIB should also be available on Coinbase’s retail trading platform in the next few weeks. Some investors are therefore probably already betting on SHIB – in the hope that demand for the coin will soon increase. In the past, this has also been the case with Enjin or Polkadot, which is why analysts from Messari describe the phenomenon as the “Coinbase Effect”.
Another factor that currently makes SHIB holders positive is a petition with PayPal. Erin McKean, a member of the Shiba Inu community, posted on change.org created a petition, which SHIB is supposed to send “to the moon”. The aim of the petition is to collect as many signatures as possible so that the Shiba-Inu-Coin can be listed on PayPal.
We ask PayPal to accept SHIB as a method of payment. We want to enable consumers worldwide to pay with SHIB and send the crypto currency to the moon!
The ambitious petition is now over 17,000 signatures collected. However, it is questionable whether PayPal can actually be influenced by this petition, because if the petition is successful, SHIB would be the first Memecoin before DOGE that is listed on PayPal.