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.