After weeks of delays, Coinbase Pro finally listed the Shiba Inu token. It didn’t go too well. 😬😬
The price of $SHIB.X became excessively overvalued after the orderbook went live. At approximately noon CDT on Sept. 10, the price dumped from $0.00005700 to $0.00000712 in one minute. 📉
The memecoin collapsed over 95% after its listing on Coinbase Pro. Here’s the collateral damage from the 15m chart:
The Shiba Inu token, which positioned itself as a “DOGE killer”, has been the object of ample drama since its inception. The crypto’s creators sent half of the supply of their token to Ethereum creator, Vitalik Buterin. Buterin rugpulled the project by selling a portion of the tokens and giving them to charity. It prompted Shiba Inu, among other memecoins airdropped to Buterin, to collapse.
With Shiba’s disastrous Coinbase listing, memecoins have struck out again. Is the momentum waning or is this just another bump in the road?