Coinbase Faces Extended Outages, Users Unable To Trade Shiba Inu

Major crypto exchange Coinbase Global Inc COIN faced an extended outage on Wednesday.

What Happened: According to the crypto exchange’s status page, Coinbase reported a serious outage on its Coinbase credit card and a partial outage of its crypto trading platforms Coinbase.com and Coinbase Pro.

We are aware that some customers are having issues accessing Coinbase and Coinbase Pro. We are actively working on the issue and will post an update soon.

— Coinbase Support (@CoinbaseSupport) October 27, 2021

“Trades and transactions may be delayed due to the ongoing issue. We're all hands on deck to get this resolved as soon as possible. Stay tuned for updates,” said the crypto exchange.

Coinbase marked these “connectivity issues” as resolved as of 14:54 PDT, but some people continued to experience technical issues on the platform much after, according to Downdetector.

There were reported unfulfilled buy and sell orders, particularly on Shiba Inu SHIB/USD positions.

“Website down again, cannot trade SHIB, unbelievable ... I placed a Sell order, and it disappeared, It doesn't show on the orders history. Cannot trade at all. I tried withdrawal, and it shows 0 on every coin,” said one user.

Some market participants speculated Coinbase’s outage was caused by the unprecedented traffic from Wednesday’s Shiba Inu trading frenzy.

SHIB broke Coinbase

— zerohedge (@zerohedge) October 27, 2021

Shiba Inu gained 30% overnight with the coin extending a month-long rally that saw its price appreciate by more than 700%. Over the past year, Shiba Inu has rallied by more than 60,000,000% outperforming every major cryptocurrency.

Price Action: As of Thursday morning at publication, SHIB was trading at $0.0000747 and had a market cap of $40 billion, surpassing Dogecoin’s market cap of $39 billion. Coinbase shares were up 4.24%. at $324.90. 

Photo by Jeremy Bezanger on Unsplash