Shiba Inu is officially listed on TeraExchange, a controlled cryptocurrency market, according to a Twitter tweet today. The company’s delight over one of the most popular meme coins now being available for trade on the centralised platform was underlined in the post.
According to the statement, SHIB will be available for trading against the Tether (USDT) stablecoin on January 7. Furthermore, the initiative represents one of TeraExchange’s first meme-coin investment prospects.
What Exactly Is a Shiba Inu (SHIB)?
Shiba Inu (SHIBUSD) is an Ethereum-based altcoin (an alternative cryptocurrency to Bitcoin) using the Shiba Inu—a Japanese breed of hunting dog—as its mascot. Shiba Inu is largely recognised as a potential Dogecoin replacement. It is dubbed “the Dogecoin killer” by Shiba Inu supporters.
Shiba Inu and Dogecoin are meme coins, which are cryptocurrencies linked to a theme—in the case of Shiba Inu and Dogecoin, the Shiba Inu dog—but are often produced as a parody or inside joke rather than as a digital commodity with genuine utility. Shiba Inu was founded in August 2020 by an unidentified individual or group, whereas Dogecoin was launched in December 2013.
It is impossible to overestimate how devoted and strong the Shiba Inu community is.
The SHIB Army, as the meme coin is known, is a group of fervent believers who try to promote the token to its greatest applicative value.
Shiba Inu has been listed on the controlled cryptocurrency market TeraExchange, which is a significant step forward in their efforts. Additionally, the acquisition of SHIB expands its portfolio of spot trading assets, which already includes Bitcoin, XRP, Cardano, Ethereum, and several altcoins.
TeraExchange is a project that is being developed within the Terareum ecosystem. This also contains the Terareum blockchain, Terapay, and Terapool. In contrast, the announcement of the centralised exchange adopting SHIB follows one of Binance’s humorous coin pairing deletions. Due to claimed poor liquidity, the world’s largest cryptocurrency exchange by trade volume suspended its SHIB/GBP pair. There are, however, additional pairings for SHIB traders, as observed across numerous trading platforms in the market.
In contrast, the SHIB/USDT pairing on Binance continues to have one of the biggest trading volumes, with $30.5 million. Shiba Inu is also the 16th-largest cryptocurrency by market cap, with a valuation of almost $4.5 billion.
Coins.ph is regulated by the BSP as Asia’s first blockchain enterprise to be licenced as an Electronic Money Issuer and Virtual Currency Exchange (EMIVC). Coins.ph describes itself as “the most established crypto brand in the Philippines, having earned the trust of over 18 million consumers.” At The Asian Banker Philippine Awards 2019, Coins.ph was also named Best Blockchain or Distributed Ledger Technology or Platform.
The platform caters to its growing user base by opening the Philippines to more banks, money transfer operators, and payment providers through its infrastructure and strategic agreements with two major blockchain networks, Ripple and Stellar. Users can utilise the platform to pay bills, buy digital currencies, send money, and buy, sell, or perform transactions with bitcoin.
Effect on Shiba Inu
As a result of this listing, analysts evaluated the Shiba Inu price trend and predicted a rally to the positive target price of $0.0000140. The meme coin may recover its losses and begin a rally with a price target of $0.0000140 in mind. Shiba Inu is currently trading at $0.00001180, a 7.1% rise over the last seven days, according to Sunday’s Coingecko statistics.
However, this is not Shiba Inu’s first appearance, as the memecoin has just been listed on a number of prominent exchanges including Robinhood and Bitstamp.