Coinbase, the largest crypto exchange in the U.S., is currently down.
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.
SHIB broke Coinbase
— zerohedge (@zerohedge) October 27, 2021
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.
Back in May, online brokerage app Robinhood also crashed after its crypto trading systems were not able to handle the Dogecoin rally.
Yuri Molchan
Godfrey Benjamin
Denys Serhiichuk