Japanese cryptocurrency exchange BitTrade is set to list Dogecoin (DOGE) and Shiba Inu coin (SHIB) on October 18, 2023.
However, this move comes as Shibarium's advancements and mass adoption are poised to drive SHIB token price growth.
Let's dive deep into the Shiba Inu coin listing with the Bittrade cryptocurrency exchange.
Shifting Focus Towards Memecoins
In a recent announcement on X formally (Twitter), popular Japanese crypto exchange BitTrade revealed its plans to allow deposits and withdrawals in the two largest memecoins by market capitalization: Dogecoin (DOGE) and Shiba Inu (SHIB).
Starting October 18, 2023, users will be able to access these offerings, bringing BitTrade's total number of supported assets to 34.
Moreover, BitTrade, established in 2016 and operating under Huobi since 2018, is regarded as one of the leading cryptocurrency platforms in Japan. It also functions as a financial instrument business operator.
Shibarium's Market Strategist, known by the Twitter handle "LUCIE," highlighted the imminent integration of these memecoins.
Key Factors Driving SHIB Adoption
Industry analysts and experts emphasize the importance of widespread Shiba Inu adoption as a significant factor contributing to the SHIB token price increase in the near future.
Meanwhile, other crucial elements include favorable market sentiment, institutional investor participation, positive macroeconomic conditions, successful execution of the burning program, further enhancements to the layer-2 scaling solution, Shibarium, and more.
BitTrade Is Expanding Its Cryptocurrency Listings
Fully-licensed Japanese cryptocurrency exchange BitTrade is expanding its range of supported cryptocurrencies by adding two popular memes coins: Dogecoin (DOGE) and Shiba Inu (SHIB).
However, BitTrade, operating as a centralized crypto trading platform based in Japan, offers users the ability to buy, sell, and hold various crypto assets, including Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP).
Thus, in September 2018, Huobi acquired a majority stake in this Japanese-licensed crypto exchange, further expanding its presence in the country.
BitTrade's latest announcement confirms that DOGE and SHIB Inu coins will be added to their crypto currency trading platform on October 18th, enabling users to deposit and withdraw these coins within the BitTrade ecosystem. With these additions, BitTrade's total number of handled crypto assets will reach 34.
Entering More Markets
Memecoins, built around memes or jokes, have gained significant popularity within the crypto market. Among these memecoins, Dogecoin and Shiba Inu Coin stand out.
However, Dogecoin, created in 2013, gained attention from investors and public figures like tech billionaire Elon Musk, who supported the cryptocurrency sector. Presently, DOGE holds the leading memecoin market capitalization ranking and is priced around $0.06 to $0.07.
On the other hand, Shiba Inu, inspired by the popular Japanese dog breed, will launch in 2020. Similar to Dogecoin, Shiba Inu has attracted investor interest and ranks as the second largest memecoin by market cap.
BitTrade's decision to enable DOGE and SHIB withdrawals and deposits demonstrates the growing importance of memecoins in the cryptocurrency industry.
As Shibarium's advancements continue and mass adoption increases, the future price growth of the SHIB Inu coin is expected to be positively impacted.
By expanding its supported crypto assets, BitTrade aims to provide its users with more diverse investment opportunities within the memecoin realm.
I'm curious: will the price of the Shiba token increase due to this bullish announcement? Kindly drop your own opinion in the comments section below.