The price of the Shiba Inu token, dubbed by some as the “Doge Killer”, soared in value on Wednesday after Coinbase Global Inc (NASDAQ:COIN) announcement the crypto will be added to its professional platform.
In late-morning trading in London, the canine-themed token was up 24.6% at US$0.000009, giving it a market cap of around US$3.48bn.
The surge was sparked by an announcement on Tuesday night that Coinbase Pro users will now be able to trade the token, which was created in May as a copycat of meme-inspired crypto Dogecoin, which itself has surged in value in recent months thanks to the support of several high profile figures such as Tesla boss Elon Musk.
The addition to Coinbase Pro means Shiba Inu is now accessible to millions of new users, while it will also spark speculation that the token could also end up on Coinbase’s retail trading platform, which tends to list tokens shortly after they are made available to professional customers.