Tens of millions of Coinbase users were locked out of their accounts around 3:30 pm ET when Shiba Inu (SHIB), the Ethereum-based Dogecoin copycat altcoin which has a total circulating supply of 1 quadrillion (meant to be an intentional contrast to Bitcoin's 21MM token scarcity) and which was already about up 60% for the day (and up a few million % in the past year), saw a relentless flood of buy orders...
.... resulting in a crash in Coinbase - which now has a market cap of $65BN and still yet can't operate during a traffic spike - and this "welcome" message:
The outage even broke the Coinbase debit card.
At that moment, the token which is basically a spoof of Dogecoin (and just as valuable), had reached a market cap of over $30 billion, making it bigger than Doge.
So powerful was the scramble to participate in the relentless upward SHIB momentum, it was the reason for today's drop in Bitcoin and Ethereum, both of which tumbled overnight when the latest buying spree commenced...
... and which soared higher the moment Coinbase went down as accounts couldn't sell the two largest cryptos to buy what is by definition a joke altcoin.
That said SHIB, like DOGE, may be a "joke" crypto but that hardly matters to anyone who bought it and held at any time in the past few weeks/months and held: their profits at this moment are greater than any other asset class in the world right now.