The popular meme-inspired cryptocurrency Shiba Inu ($SHIB) is being listed on the retail-friendly platform of Indian cryptocurrency trading platform CoinDCX. Until now, SHIB was available in the platform in trade-only mode on the professionally-oriented CoinDCX Pro.
According to a tweet from CoinDCX, the listing happened this Friday, November 12. CoinDCX is looking to onboard 50 million users throughout India, and already has over 3.5 million active users.
CoinDCX became the first cryptocurrency company in India to reach unicorn status – have a valuation of over $1 billion – after raising $90 million in a funding round led by a venture capital fund created by Facebook co-founder Eduardo Saverin, B Capital.
As CryptoGlobe reported, India’s oldest cryptocurrency trading platform Zebpay listed SHIB last month claiming it “inspired millions of people around the globe to finance and fund a coin with a doggo’s picture on it.”
The price of Shiba Inu skyrocketed this year amid a retail trading frenzy directed at meme coins. SHIB became the third-most Googled cryptocurrency so far this year, with 2.8 million average monthly searches. At one point, its trading volume briefly surpassed that of Ethereum, the second-largest cryptoassets by market capitalization.
The CEO of popular cryptocurrency trading platform KuCoin, Johnny Lyu, has suggested that the meme-inspired cryptocurrency is worth holding over the long-term, despite its recent price correction.
Lyu has said retail investors are “very passionate about such tokens and are determined to push the prices higher.” Despite Shiba Inu’s recent dip, Lyu said he would hold the cryptocurrency over the long term along with both bitcoin and DOGE. Per his words, BTC can act as a hedge against inflation, while the meme tokens represent the power of their communities.
Notably. digital asset-focused research firm Delphi Digital has revealed that historically dog coins, meaning cryptocurrencies inspired by the popular Shiba Inu meme, have historically been “a pretty good indication of an overheated market.”
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured image via Unsplash