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The largest cryptocurrency exchange in Mexico, Bitso, announced that the Ethereum-based cryptocurrency Shiba Inu (SHIB) can now be traded on its platform. The stock exchange initially announced the listing at the end of December.
The largest Mexican cryptocurrency exchange now supports trading 16 cryptocurrencies, including Compound (COMP), Axie Infinity (AXS), Chainlink (LINK) and others. Shiba Inu will now add even more diversity to the stock market. Interestingly enough, Dogecoin (DOGE), the original meme cryptocurrency, is missing from the Bitsos portfolio. At the beginning of January Bitso signed a three-year partnership with the Brazilian professional football club Sao Paulo FC. Earlier this week, SHIB was also added by the Indian cryptocurrency exchange Giottus. The cryptocurrency can now be traded on a number of global exchanges such as Binance, Coinbase, Gemini and others. Bitstamp, Europe's leading cryptocurrency exchange, recently confirmed that it still intends to list SHIB in early 2022.
How did the hype about the Shiba Inu Coin start?
The hype surrounding the meme coin was triggered, among others, by Tesla founder Elon Musk, who tweeted a picture of his Shiba puppy. Ethereum co-founder Vitalik Buterin also helped when he donated his SHIB tokens to a fundraising project. Buterin donated 10% to an Indian crypto relief fund and burned the remaining 90% of the tokens, removing almost half of the supply from the market. There are currently just over 549 trillion tokens in circulation.
For the Shiba Inu Coin, the burning of 90% of Vitalik Buterin's token was a heavy blow at first. The price of the Shiba Inu Coin fell by 50% after the donation to the Covid Relief Fund. The lack of liquidity and confidence caused the Shiba Inu price to fall.
One of the main differences of the meme coin compared to other cryptocurrencies is the total amount of all Shiba Inu coins. This is 1 quadrillion. Because of the huge number of tokens, the individual price of a single SHIB is extremely small. So a dollar can be converted into a few million tokens. This can make an investment more attractive, especially for crypto beginners. This is a psychological phenomenon called “unit bias”. Shiba Inu Coin predictions of a price increase make many investors want to be financially independent.
What's next for the Shiba Inu Coin?
After the SHIB coin spiked in price in 2021, the meme coin fell more than 60% from its all-time high in October last year. Despite this fact, some experts believe that the Shiba Inu coin is giving bullish signals for 2022. The SHIB ecosystem now offers the ShibaSwap defi platform, for example. There are also plans for your own gaming experience in the Metaverse context.
