Shiba Inu Makes the Cut, Coinbase Names It a Top Asset

Shiba Inu ranks just below USDC on Coinbase, surpassing Bitcoin and Ethereum.

Shiba Inu (SHIB) has again captured the attention of the crypto community. A recent post by community figure Lola highlighted Shiba Inu’s standing on Coinbase, where it was listed as a top asset. 

According to the image shared by Lola, Shiba Inu ranks just below USDC on the list. Although some might argue that this also places SHIB ahead of well-established cryptos like Bitcoin and Ethereum in Coinbase’s asset listing, the parameter for the ranking remains unclear. As such, while the list spotlights top assets on the exchange, it could be in no particular order.

CRYPTOTWITTER underestimated #SHIB but DATA can show you that #Coinbase listed $SHIB as their TOP ASSET after USDC on their main platform exchange

and before that other altcoin
#Bitcoin 🤣

What does it tell you #SHIBARMY ? pic.twitter.com/iHH3Kk3xKh

— Lola (@CryptoLollla) July 8, 2024

Coinbase and Shiba Inu’s Position

Nonetheless, Coinbase’s recognition reflects SHIB’s increasing acceptance and interest among traders. Despite SHIB’s recent price drop of 9.03% at the time of Lola’s post, its position speaks volumes about its market presence. 

Alongside SHIB, cryptocurrencies such as Solana, XRP, and Litecoin are also featured, each reflecting varying degrees of market fluctuation. According to the community figure, this prominence challenges the skepticism of Crypto Twitter, which has often underestimated SHIB’s potential.

Shiba Inu in the Broader Crypto Market

Shiba Inu’s prominence isn’t confined to Coinbase alone. The altcoin has also been featured prominently in Grayscale’s crypto asset spotlight. In a June 28 post, Grayscale recognized Shiba Inu among the largest crypto projects by market capitalization, alongside giants like Bitcoin and Ethereum. 

This recognition came despite SHIB experiencing a significant monthly loss of 34.8% between May 26 and June 26. Such losses, however, have not deterred SHIB from maintaining a strong market presence.

Technical Overview and Market Performance

From a technical perspective, Shiba Inu continues to show resilience. According to data from IntoTheBlock, its market cap stands at $9.11 billion, with a current price of $0.000017, marking a 7.45% increase in the last 24 hours.

Notably, 52% of SHIB holders are in profit at the current price, indicating positive sentiment. Shiba Inu also boasts a high concentration of large holders (73%). Additionally, SHIB’s high price correlation with Bitcoin (0.9) implies that it may closely follow Bitcoin’s market trends.