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shiba inu coin – a memes-based cryptocurrency token – hit new levels last week before plunging sharply, showing the cryptocurrency’s volatility.
What happened to the SHIB coin?
Last week, Coinbase added the cryptocurrency token to its list, allowing users to exchange the Shiba Inu coin on Coinbase.com and the company’s mobile application.
Why the Shiba Inu coin might not grow again
shiba inu coin had a spike in value due to the launch of Coinbase, but the spike didn’t last long enough to show there was sustained growth, according to AMBCrypto, a cryptocurrency news site.
- When the Shib coin was listed on Coinbase Pro, its growth jumped 28.87% in a single day. Yet the Shiba Inu coin could not exceed the value of 0.00001010 it has been under since May, when the hype for the coin was high.
At this point, investors in Shib coins have sold all of their coins which also hurt the value.
- “This type of behavior is the exact reason SHIB is an unreliable asset, because it is literally treated as a pump and dump asset. The cases observed yesterday are similar to what we saw at the start of the rally in July ”, according to WITH Crypto.
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