Shiba Inu, the widely acclaimed cryptocurrency that has captured the attention of the market with its charming canine-inspired concept, has achieved remarkable success by securing a coveted listing on Coincheck, a well-established and regulated cryptocurrency exchange based in Japan.
This significant milestone not only attests to the growing popularity of the coin but also underscores its increasing acceptance within the global crypto landscape.
Coincheck Embraces Shiba Inu
The inclusion of SHIB on Coincheck provides investors and enthusiasts in Japan with a regulated and trustworthy platform to engage in the trading and investment of this unique and beloved digital asset.
In line with today’s statement, Coincheck has expanded its list of accepted cryptocurrency assets to include the meme coin. Coincheck users may now purchase, sell, send, and receive the coin with a dog motif thanks to the addition of support for the token.
Shiba Inu lead developer Shytoshi Kusama reacted by posting a Japanese “hello” to Coincheck on X (formerly Twitter) and drawing attention to the news within the community.
こんにちは、コインチェックです。 👋 https://t.co/3NcTnqD1MR
— Shytoshi Kusama™ (@ShytoshiKusama) December 14, 2023
Additionally, the exchange disclosed intentions to increase the use of the coin inside its ecosystem, conceptualizing its incorporation as a means of payment on Coincheck’s NFT marketplace.
With this change, customers will have more options for investigating and purchasing digital collectibles through SHIB. The exchange stressed that updating its trading app is essential to provide accurate and current pricing for users exploring the platform.
SHIB market cap currently at $5.83 billion. Chart: TradingView.com
CEO Satoshi Hasuo founded Coincheck in 2012, and since then, it has grown to become a major player in the Japanese cryptocurrency market.
Coincheck has significantly shaped and influenced the cryptocurrency market in Japan under Hasuo’s direction, helping to increase the acceptance and utilisation of digital assets in the nation.
Meme Coin’s Milestone: Competing, Evolving, And Burning
This noteworthy development not only establishes Shiba Inu as a credible competitor in the cryptocurrency space, but it also represents a critical turning point in its evolution from popular meme to widely accepted product.
Image: Pixabay
This occurs subsequent to the coin removing a zero from its figure. According to statistics from Coingecko, SHIB is currently trading at $0.00001008, up 2% over the previous seven days.
Furthermore, the price increase of the token seems to correspond with the rise in the meme coin’s burn rate. By the time of publishing, there had been a noteworthy 68% increase in the burn rate, which increased its allure even further.
SHIB’s partnership with Coincheck is only the start of its global development, even though the Japanese market acts as a testing ground for cryptocurrencies. The coin’s impact and reach will grow internationally as more exchanges and platforms become aware of the Shiba Inu phenomena.
Featured image from Shutterstock