After Mind-Blowing Price Spike, Low-Cap Altcoin Loses Steam Amid Coinbase Retail Listing

A little-known, low-cap altcoin has sharply corrected after taking off on a mind-blowing 580% price spike this week in the wake of a surprise Coinbase Pro listing.

On Wednesday, Coinbase Pro listed Shping Coin (SHPING), an Ethereum-based token that powers the Shping App.

The listing launched the crypto asset on a staggering price surge that took it from $0.015 all the way to an all-time high of more than $0.102.

The Shping App enables shoppers to earn rewards by comparing prices, scanning barcodes, watching videos and writing product reviews.

SHPING has since corrected by more than 64%, and the 501st-ranked crypto asset by market cap is trading at $0.036 at time of writing.

Amid SHPING’s massive price swings, the US-based crypto exchange has expanded full retail support for the token.

The exchange also added full support for Stacks (STX). Customers can now purchase and trade both altcoins on Coinbase.com and the exchange’s mobile apps.

Stacks is an open-source blockchain linked to Bitcoin (BTC) by its consensus mechanism which spans the two chains, called proof of transfer. Through this architecture, Stacks aims to leverage Bitcoin’s security and enable decentralized applications (DApps) and smart contracts.

Coinbase Pro listed the crypto asset earlier this week.

Check Latest News Headlines

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Alexey Malkov/Nikelser Kate