Why Shiba Inu coin saw its value rise so much this week

The Shiba Inu cryptocurrency has risen recently because of a new announcement that will make it available to more potential investors.

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Shib coin rises after Coinbase lift
Coinbase announced Tuesday that it will add the Shiba Inu coin to Coinbase Pro beginning this week, which allows people to buy the meme-bases cryptocurrency which has been seen as a rival to Dogecoin, according to Bitcoin News.

“Coinbase added SHIB little more than a month after that coin’s creation, in marked contrast to its addition of Dogecoin, which seemed to take DOGE years,” according to CoinDesk.com.

Why Shib coin might have reached its peak
Why Shib coin might have reached its peak
People were supposed to start trading their Shiba Inu tokens on Coinbase Pro beginning on Thursday. However, technical issues held people from trading immediately, according to Investor Place.


“We are experiencing technical issues that will temporarily delay the launch of SHIB on Coinbase Pro,” the company said on Twitter. “At this time we are disabling deposits of SHIB; withdrawals are still available. We will provide an updated timeline for restoring deposits & enabling trading as soon as possible.”
What cryptos spiked because of Coinbase?
Shiba inu coin wasn’t the only cryptocurrency to spike. Other cryptos such as Chiliz and Keep Network spiked after being added to Coinbase, too, according to CoinDesk.com.



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Just a reminder — Coinbase Pro is different than Coinbase. They’re two different apps. However, Coinbase users can sign into their accounts on Coinbase Pro, according to Yahoo News.

Did Shiba Inu already peak?
There has been some speculation that the Shiba Inu coin has already reached its peak. Santiment, a cryptocurrency analytics firm, said the hype for the coin had died down a bit, which is why it hasn’t seen a huge rise in value recently.


“When a coin appears in emerging trends list, especially in top 3, it’s often a sign of a price top. Because it indicates a sort of a peak social hype. Price can hardly sustain its rally without increasing hype (or social volume),” according to Santiment.
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Recovery has been slow for some coins, worse for some others like XRP. June 16 dip had already flipped support level into resistance and the early morning trade only dropped the coin further below. Trading at $0.757, XRP could be seen inching closer towards bedrock $0.697. Awesome Oscillator displayed dominating bearish momentum at the time of writing.

The purple indicator of Relative Strength Index (RSI) fell into the oversold zone earlier in the day. A small uptick at press time displayed the indicator rising out of the bearish territory in the coming hours. Parabolic SAR also indicated an active downtrend since the white dotted line appeared above the candlesticks.

For now, if XRP trades in green going forward, it could consolidate above $0.73 and prevent any further downfall.