Shiba Inu, the widely acclaimed cryptocurrency that has captured the market's attention with its charming dog-inspired concept, has achieved notable success by landing a coveted listing on Coinchecka well-established and regulated cryptocurrency exchange based in Japan.
This important milestone not only attests to the coin's growing popularity, but also underlines its growing acceptance within the global crypto landscape.
Coincheck hugs Shiba Inu
The listing of SHIB on Coincheck provides investors and enthusiasts in Japan with a regulated and trusted platform to engage in trading and investing in this unique and beloved digital asset.
According to today's statement, Coincheck has expanded its list of accepted cryptocurrency assets to include the meme coin. Coincheck users can now buy, sell, send and receive the dog motif coin 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.
Hello, I'm Coincheck. https://t.co/3NcTnqD1MR
— Shytoshi Kusama (@ShytoshiKusama) December 14, 2023
Additionally, the exchange revealed intentions to increase the use of the currency within its ecosystem, conceptualizing its incorporation as a means of payment in the Coincheck nft market.
With this change, customers will have more options to research and purchase digital collectibles through SHIB. The exchange emphasized that updating its trading app is essential to provide accurate and current prices to users exploring the platform.
SHIB market cap currently at $5.83 billion. Chart: TradingView.com
CEO Satoshi Hasuo founded Coincheck in 2012 and has since grown to become a major player in the Japanese cryptocurrency market.
Coincheck has significantly shaped and influenced the cryptocurrency market in Japan under Hasuo, helping to increase the acceptance and utilization of digital assets in the nation.
The Meme Coin milestone: compete, evolve and burn
This notable development not only establishes Shiba Inu as a credible competitor in the cryptocurrency space, but also represents a critical turning point in its evolution from a popular meme to a widely accepted product.
Image: Pixabay
This occurs after the coin removes a zero from its number. According to Coingecko statistics, SHIB is currently trading at $0.00001008, up 2% from the previous seven days.
Furthermore, the token price increase appears to correspond with the increase in the meme coin's burn rate. At the time of publication, there had been a notable 68% increase in burn rate, further increasing its appeal.
SHIB's partnership with Coincheck is just the beginning of its global development, although the Japanese market acts as a testing ground for cryptocurrencies. The impact and reach of the coin will grow internationally as more exchanges and platforms become aware of the Shiba Inu phenomenon.
Featured image from Shutterstock
