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Coinbase Crashes as Shiba Inu Goes Ballistic After Surpassing Dogecoin

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Wed, 10/27/2021 - 19:42
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Alex Dovbnya
Coinbase goes down as demand for Shiba Inu goes through the roof
Coinbase Crashes as Shiba Inu Goes Ballistic After Surpassing Dogecoin
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Coinbase, the largest crypto exchange in the U.S., is currently down. 

Coinbase
Image by coinbase.com

The website has been offline for over 15 minutes. The exchange's status page says that it is experiencing "connectivity issues."

Some speculate that the severe outage is linked to unprecedented traffic caused by the Shiba Inu frenzy.

The meme coin's trading volume has surpassed $5 billion on Coinbase alone, dwarfing Bitcoin's and Ether's numbers. 

After surpassing the market cap of archrival Dogecoin on both CoinGecko and CoinMarketCap earlier today, Shiba Inu soared even higher, reaching yet another all-time high of $0.00008519.

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SHIB is currently the 9th biggest cryptocurrency.

Back in May, online brokerage app Robinhood also crashed after its crypto trading systems were not able to handle the Dogecoin rally.    

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.