Shiba Inu is once again in the spotlight after the world’s longest-running exchange, Bitstamp, finally listed the doggy-themed cryptocurrency. This is a celebratory moment for Shiba Inu fans who have waited over six months for the listing.
Bitstamp Officially Adds Support For SHIB
The wait is finally over for the SHIBArmy.
Bitstamp announced Monday that it has opened trading for Shiba Inu. In its blog post, the exchange noted that investors have been flocking to the meme-inspired cryptocurrency in droves and are pouring millions of dollars into it. Bitstamp admits it was compelled to list SHIB due to the growing number of requests from its customers.
Two pairs will be listed: SHIB/USD and SHIB/EUR. The trading platform has enabled transfers today. Orders will be available on “limit-only mode” starting from tomorrow (June 7). Traders’ limit orders will then be matched. Full trading is expected to commence as soon as there’s enough liquidity.
Bitstamp first announced it would be adding support for SHIB back in December 2021, but later postponed due to undisclosed technical strains. The exchange, which has been in operation since 2011, reiterated multiple times that it still had plans to list Shiba Inu — though no exact date was provided.
Can This New Listing Push SHIB Price Higher?
Shiba Inu has been underperforming its peers in recent weeks despite strong growth on the development front. The popular meme coin is down 45.5% over the past 30 days, trading at multi-month lows. SHIB was changing hands at $0.0000109 at press time, a 0.17% decline in the last 24 hours.
The unimpressive price action comes despite the team behind Shiba Inu launching a new burn portal that aims to decrease the coin’s supply while rewarding holders with yields. Shortly after its launch, the community swiftly removed more than 16.5 billion from the coin’s initial circulating supply.
Shiba Inu developers further unveiled a way for members of the community to use SHIB for minting virtual plots of land on the project’s recently launched metaverse.
The roadmap for Shiba Inu also entails the ongoing development of the layer-two scaling solution, Shibarium. This promises to help the protocol evade the exorbitant fees of conducting transactions on the Ethereum network.
The Bitstamp listing, coupled with the recent major revamps within the Shiba Inu ecosystem could eventually act as catalysts for the formerly high-flying token to return to its former glory.