Shiba Inu (SHIB) Bags Are on Nexo List, SHIB Will Increase Price
Dog-themed memecoin shiba inu (SHIB) has finally gone live on nexo, after hinting at the listing for several weeks.
Nexo Applauds the Evolution of the Shiba Inu (SHIB)
Nexo reiterated the news of listing SHIB on X on Tuesday, acknowledging the cryptocurrency’s remarkable evolution over the years. According to post X, Shiba Inu was launched about four years ago as a “fun” memecoin but has now evolved into a powerful symbol of community empowerment.
Remarkably, the digital asset trading platform sees SHIB’s performance as largely dependent on the activities and participation of its vibrant community.
“The determination of the ‘Shib Army’ is very important; encouraging both growth and innovation within the ecosystem. In its X post, Nexo has quickly risen to significant popularity in the industry with its compelling brand and base of dedicated supporters.
Shiba Inu’s listing on Nexo was canceled about a month ago, sending the community into a festive mood. This meant that Shiba Inu customers could buy, exchange, borrow and even transfer SHIB on Nexo. However, the service had not gone live on the Nexo trading platform until today.
When the listing was announced in April, there was no noticeable increase in memecoin price towards this milestone. In contrast, SHIB was trading at $0.00002681 at the time, down 5%. While Memecoin is now live on Nexo, SHIB’s price outlook is not yet fully priced in the news.
At the time of writing, Shiba Inu was trading at $0.00002372, down 3.02% in the last 24 hours. Its market value decreased at the same rate, settling at approximately 13.93 billion dollars.
Can SHIB Rise to $0.00005?
It’s worth noting that despite the current SHIB price, other metrics within the Shiba Inu ecosystem look promising. Memecoin’s trading volume reached $607.87 million, an increase of 68.21% in 24-hour trading volume. Similarly, the SHIB burn, an initiative that reduces the supply of Shiba Inu on the market, has seen explosive growth in recent weeks.
In the early hours of May 6, a 4000% increase in memecoin’s burn rate was recorded. This development gave rise to optimism regarding the future price movements of the token. There is speculation that this SHIB burning frequency could eventually push the memecoin price to $0.00005.
More growth is coming for the dog-themed memecoin with the recently launched Shibarium Hard Fork.
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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about real-life applications of blockchain technology and innovations to ensure mainstream acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain-based media and sites. Benjamin Godfrey is a lover of sports and agriculture. follow him excitementLinkedIn
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