To The Moon? Coinbase Pro Lists Shiba Inu

Coinbase Global Inc.'s COIN professional trading platform Coinbase Pro just listed Shiba Inu SHIB/USD.

What Happened: According to a Wednesday Coinbase Pro tweet, Shiba Inu deposits were already open on the platform in anticipation of the launch of trading on Thursday at 9 a.m. PT. The coin can now be traded against the United States dollar and United States dollar-backed stablecoin Tether USDT/USD.

See Also: SHIBA INU PRICE PREDICTION

Furthermore, Coinbase pro also pointed out that Shiba Inu is "not yet" available on the firm's main trading platform Coinbase.com or its mobile application — suggesting that it is indeed possibly headed there as well. The firm promised to "make a separate announcement if and when this support is added."

While this is far from a definitive confirmation that SHIB is headed to Coinbase, historically cryptocurrencies added to Coinbase Pro were usually listed on Coinbase shortly thereafter.

Listing on Coinbase is a significant development for cryptocurrencies because of what became known as the "Coinbase effect." According to an April study, a token being listing on Coinbase results in an average price gain of 91% in just five days.

SHIB Price Action: According to CoinMarketCap data, Shiba Inu is trading at $0.000007611 at publication Thursday after gaining about 8% over the past 24 hours.