The overnight rise of Shiba Inu assisted the crypto industry in multiple ways. One of them is Coinbase’s climb to the number one app on Apple’s US App Store. The exchange platform beat Tik Tok in popularity to rank as the number one on iOS devices.
Coinbase has achieved the feat twice before. The exchange became the most popular platform in 2017 and May 2021. Its recent surge clearly indicates that the crypto trend is finally getting mainstream attention.
The platform tweeted recently about the Pixel Forest, stating that cryptocurrencies can change the world. Shiba Inu’s role in Coinbase’s recent surge is evident as the exchange even added SHIB in its name.
Despite the surge in popularity, the platform faced severe issues on Wednesday. Many speculated that the reason behind its crash was traffic imposed by Shiba that recently overtook Doge in market cap.
As Shiba Inu crossed 5 billion dollars in trading, the platform went down for more than 15 minutes. SHIB became the ninth biggest crypto with the hike, but many traders could not ride the bandwagon.
The popularity of Dogecoin also fueled Coinbase’s previous ventures to the number one spot. However, five months later, Doge’s self-proclaimed rival meme coin boosted Coinbase’s market stature.
Shiba Inu reached its all-time high of 0.00008519 dollars, showcasing its popularity. Similarly, big coins like Bitcoin and Ethereum also reclaimed their growth on Wednesday after recently losing 8-10%.
Bitcoin is finally above 61,000 dollars after dropping below 59,000 dollars. Contrarily, Ethereum is above 4%, reaching 4,320 dollars in market value.
Besides the popularity surge, Coinbase also became one of the most downloaded apps in the region. The exchange reached the fifth spot in the list of most downloaded apps. It even beat YouTube and Instagram by a mile to grab the spot. Given the surge the crypto sector is experiencing, Coinbase is highly likely to maintain its position.
The platform also released its Q3 report, showing impressive records. Coinbase Ventures established a new investment partnership every two days in 2021 Q3. The report shows that the exchange executed 49 investments in the quarter, becoming one of the most active crypto ventures.
Coinbase launched Ventures in 2019 to target financial investments into emerging blockchain and crypto startups. The platform’s popularity has also gained from Coinbase’s recent market surge. If the exchange maintains the pace, it will also dominate the crypto exchange sector in the coming quarters.