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Sunday, March 26, 2023

Shiba Inu cracks a million users – despite the red numbers

The hype about the Memecoin Shiba Inu continues, although the course is on the downside: there are now over a million users.

The Memecoin Shiba Inu (SHIB) has succeeded in reaching a new milestone in adoption by crossing the one million mark. This is strange in that the SHIB course has been down for weeks. It is currently trading around 50 percent below its all-time high. However, the announcement of reaching the million mark on Twitter caused a short-term spike. Edward Snowden’s critical assessment of Shiba Inu and its Memecoin colleagues also apparently could not prevent the increased demand.

But the price is by no means the only parameter for Shiba Inu’s popularity. On November 23, the Bitfinex crypto exchange approved SHIB with Tether (USDT) -paired perpetual contracts for trading .

The dog currency is also finding its way into a South Korean stock exchange. There, Korbit is the first Korean exchange to list Shiba Inu. This means that the token is once again competing with Dogecoin. DOGE is currently the only memecoin that can be traded on the four major exchanges that are still legally operating in South Korea: Upbit, Bithumb, Coinone and Korbit. As a reminder, forty exchanges that failed to register with the Financial Intelligence Unit had to close in September. As early as June, several exchanges started removing high-risk altcoins from the list.

Shiba Inu and Dogecoin are in a head-to-head race

This makes SHIB one of the most popular memecoins ever, only behind DOGE. However, Shiba Inu even overtook Dogecoin at its all-time high. Both now rank among the top 15 cryptocurrencies by market capitalization. Inspired by DOGE, SHIB itself has many copycat coins. In total there are over 19 cryptocurrencies with “Shiba” in their name. The Dogecoin meme also shows a dog of this breed.

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