Godfrey Benjamin
The Shiba Inu (SHIB) ecosystem is in a celebration mood as the token gets listed on the top crypto trading platform Nexo.
Shiba Inu and its Numerous Listings
Following this listing, SHIB holders can now buy, swap, borrow, and even transfer SHIB on Nexo. This offering is not available to residents of the United Kingdom. The Shiba Inu ecosystem perceives this move as a big win considering that it could push SHIB adoption by a reasonable percentage. In the last six months, this has been the trend in the Shiba Inu ecosystem.
In December alone, quite some platforms listed the Ethereum-based memecoin including a Japanese-based cryptocurrency exchange. DMM Bitcoin exchange commenced SHIB trading on December 20, 2023. This listing came after the token witnessed another listing on Coincheck. Amidst these listings, there were speculations that a significant price surge was imminent. This speculation came owing to the potential jump in the adoption and demand of the token.
Following the SHIB listing on Coincheck, the token recorded a 7.61% that drove the price to $0.00001004. The price surge sparked immense intrigue in the community as it ditched a zero from its value at the time. At the time of this writing, the announcement about the Nexo listing had not made any positive impact on the SHIB price as the token was in the “red”.
Precisely, Shib Inu was trading at $0.00002681 with a 5% decrease within the last 24 hours. There are still expectations that the crypto will experience an uptick this coming weekend. Some experts believe that the SHIB token can register as much as 70% in price gain after the rout of the past weeks.
Notably, this optimism is tied to the continuous improvement of the current ecosystem fundamentals.
Nexo Extending Services Beyond SHIB Listing
For Nexo, this listing comes in addition to the license that it obtained from the Dubai Virtual Assets Regulatory Authority (VARA) exactly one month ago.
The firm is extending its services as well as securing full licensing for its various activities including lending and borrowing, management and investment, and broker-dealer operations. Nexo has had its fair share of regulatory hurdles and is looking at making up for lost ground.
This is not the full license but the fact that Nexo received the first consent means that the company has overcome the first obstacle in this licensing process.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
