Shiba Inu Prices Cool Off Despite Coinbase’s Move to Allow SHIB Trading in New York

Meme coin star Shiba Inu (CCC:SHIB-USD) has been cooling off, despite Coinbase (NASDAQ:COIN) allowing New York residents to purchase it. The SHIB crypto has remained down about 2% in the last two days. 

A close-up shot of an angry Shiba Inu dog growling with a black background.

Source: Shutterstock

Why the lack of fanfare?

The Big Apple is a notoriously difficult place to trade cryptocurrency, and crypto launches in the state are typically met with a rally.

New York only allows trading platforms that have been granted a BitLicense from the New York State Department of Financial Services (DFS). The rub is that the license is infamously difficult to acquire. Requiring both time, money, and a willingness to dive into the highly complicated administrative procedure, many currencies and platforms have eschewed the process all together. Currently, this means only a few exchanges, including Coinbase and Gemini, are accessible to New Yorkers. Even then, there are restrictions on what coins are available for trading.

DFS maintains an approved list of assets on its website that get preference. The SHIB crypto, for example, isn’t found on New York’s notorious “Greenlist” of pre-approved assets. In fact, the current list, which hasn’t been updated since early October, only contains 14 cryptos.

For SHIB crypto fans though, things in New York are looking up. Coinbase announced on Twitter on Nov. 5 that it would be available for state residents to trade, buy, sell and store on the platform.

Is New York Enough to Drag the SHIB Crypto Higher?

After a blistering year, Shiba bulls appear worried about a potential downturn heading into turkey season. The October momentum is waning after the SHIB crypto hit its all-time high late in the month. SHIB experienced a tumultuous week to begin November, only seeing a bit of green last Friday before the markets closed.

It appears the once-upon-a-time “DOGE KILLER” isn’t out of the doghouse quite yet.

With that said, for a largely speculative crypto like Shiba Inu, it doesn’t take much to get the ball rolling. Tesla (NASDAQ:TSLA) CEO Elon Musk is basically living proof of that. While the New York listing announcement didn’t create the expected surge the token is accustomed to, that isn’t to say that the next announcement, tweet or slight breeze won’t.

On the date of publication, Shrey Dua did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2021/11/shiba-inu-prices-cool-off-despite-coinbases-move-to-allow-shib-trading-in-new-york/.

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