Shiba Inu News: SHIB-listed on Japanese stock exchange
The second largest memecoin, Shiba Inu, continues to expand its presence in the market as operators push listing of SHIB tokens on major Japanese crypto exchanges.
BitFlyer, one of the largest exchanges in Japan with over 2.5 million customers, announced that it would list the token. BitFlyer’s announcement came in the early hours of March 22nd.
BitFlyer has not yet given any specific details. However, a SHIB launch event was announced with a prize pool of 10,000 Japanese yen for 20 winners. The campaign begins on March 22nd, and will end once BitFlyer starts trading SHIB.
BitFlyer is not the first Japanese crypto exchange to list SHIB. On February 28, OkCoinJapan, the Japanese subsidiary of San Francisco-based exchange OkCoin, began trading SHIB. The stock market had a positive reaction to the listing.
SHIB burn rate rate shoots up 4,600%
SHIB had a massive jump in its burn rate, skyrocketing by 4,600%. It denotes the proportion of tokens that are being phased out, reducing the supply of SHIB tokens.
Actually, the dramatic increase in SHIB’s burn rate should lead to a price increase as it effectively reduces supply. However, SHIB’s market price has not shown much movement and has remained stable, raising questions among investors.
At press time, SHIB is trading at $0.00001087 with a market cap of $6.4 billion. While the crypto market rallied this month, the Shiba Inu did not. Over the past two weeks, SHIB price has seen limited fluctuations, suggesting that major traders and investors are uncertain about the future of the cryptocurrency.
Also, Shiba Inu’s core development team has fallen behind in adopting the Layer 2 scaling protocol Shibarium; and there are other projects that take precedence over Shibarium. The highly anticipated SHIB The Metaverse has been announced and is set to run on the Shibarium platform.
Shiba Inu price bet at $0.01
Although Shiba Inu has been very slow in the recent market rally, some analysts remain bullish. Crypto enthusiast David Gokhshtein recently said that his bet on SHIB at $0.01 still stands, while Balaji Srinivasan bets on a $1 million BTC rate. However, this would represent a massive 100x gain over the current SHIB price. If not, Gokhstein has promised to delete his Twitter account, which has 700,000 followers. Evil tongues evaluate the utterance as a sign of remaining common sense.
