By Bitcoinist - 2 years ago - Reading Time: 3 minutes
Coinbase Pulls A Robinhood As Users Are Unable To Trade Shiba Inu During Rally
Shiba Inu recently rallied to a new high this week. Investors saw massive gains when the meme coin hit a new all-time high of almost $0.00009, resulting from a surge in trading activity in the altcoin. Similar to its predecessor Dogecoin, when the meme coin hit its new high, investors scrambled to sell and take profits. However, Coinbase, which has become known as the leading exchange to trade Shiba Inu, went offline, leaving traders unable to sell their holdings.
This is similar to what happened with Robinhood at the peak of Dogecoin’s rally, Investors had flocked to the trading platform to make their bets on the meme coin. But when it came time to sell and take profits, users alleged that they were unable to do so as Robinhood’s platform was down. Users lamented the issue as they were left unable to profit from the SHIB rally that took the market by surprise.
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Coinbase And Coinbase Pro Down
Coinbase’s outage saw trading draw to a halt on Wednesday. The crypto exchange experienced network issues that left traders unable to carry out transactions on this platform. Coinbase and Coinbase Pro were both reported to be down as a result of the outage. The network outage coincided with SHIB’s biggest rally yet. Putting investors in a tight spot when it came to trading the meme coin.
SHIB price drops to $0.00007292 | Source: SHIBUSD on TradingView.comCoinbase took to Twitter to address the issue. It explained that the platform had indeed experienced issues that made users unable to access and use the platform. Delays in trades and transactions were also experienced in this period. The exchange assured users that their funds were safe and that they were working to fix the issue.
Trades and transactions may be delayed due to the ongoing issue. We're all hands on deck to get this resolved as soon as possible. Stay tuned for updates.
— Coinbase Support (@CoinbaseSupport) October 27, 2021
Users were however unimpressed with this as this had put a major damper on their trading plans. The nature of crypto trading makes it so that a trader may only have seconds or minutes to make a trade as this could be the difference between profiting and losing on a cryptocurrency. Users have accused the crypto exchange of intentionally sabotaging its traders for its own benefit.
Shiba Inu Trading Back Up With Fix
Coinbase followed up on the issue and issued an announcement that it had fixed the network issues affecting the platform. The exchange assured users that the platform was fully functional again. Hence, there would be no more connectivity issues.
Coinbase customers should no longer be experiencing connectivity issues, as this issue is now fully resolved. We’re continuing to investigate delays with some transactions, and we’ll provide further updates as we make progress here. We appreciate your patience with us today.
— Coinbase Support (@CoinbaseSupport) October 27, 2021
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This fix would however come a little too late as the price of Shiba Inu had plummeted by the time the issue was properly addressed. Traders were once again able to place trades but full functionality was restored about a day after SHIB had rallied to its new high.
Featured image from VOI.ID, chart from TradingView.comOriginal source: Bitcoinist