One of the hottest projects in the crypto space has been listed on trading platform OKEx, the meme coin Shiba Inu (SHIB). Following an incredible demand from users, OKEx was the first major exchange to add SHIB on May 8 with withdrawals available on Monday 10.
Part of the Shiba Inu ecosystem, SHIB is an ERC-20 token that has been dubbed the “Dogecoin Killer” and even DOGE’s “evil brother”. It began as a spontaneous project created by its community with the purpose of fair distribution.
The other components of Shiba Inu’s ecosystem are ShibaSwap and tokens LEASH and BONE. The first is to be launch decentralized exchange. SHIB will operate as an incentive token for users to participate in ShibaSwap.
LEASH was originally intended to be a rebase token pegged to the price of DOGE. However, the team behind this project decided to take it in a different direction. LEASH will have a limited supply and will be used to offer users special rewards. Shiba Inu’s developers haven’t revealed much information on BONE. According to the official website, the token will “take DeFi to the next level”.
OKEx Expands Gateway For Crypto Enthusiasts
Unlike DOGE, around 50% of Shiba Inu’s total supply was locked on decentralized exchange Uniswap with another 50% send to Ethereum’s inventor, Vitalik Buterin. So, everyone interested in the project must buy SHIB in the open market.
OKEx reinforces this vision by adding SHIB to be traded against stablecoin Tether (USDT) for the spot and perpetual swap markets. In less than a week from its listing, SHIB managed to climb to Coinmarketcap top 20 positions by market capitalization with a rise in the number of Shiba Inu holders going from 150,000 to 300,000 in a matter of days.
OKEx CEO Jay Hao highlighted SHIB’s experimental nature as a relevant trade still needed in the blockchain and crypto industry. Hao celebrated that OKEx was the first major exchange to offer this token. Thus, expanding the products available for crypto enthusiasts. Hao added:
As an exchange, we are delighted to be able to offer a diverse portfolio of cryptocurrencies, including memetic tokens, to allow a comprehensive investment experience for our valued customers. The Shiba Inu community has been gaining strong momentum from the weekend deposits, and we look forward to witnessing its robust development.
SHIB trades at $0,000027, at the time of writing, with heavy losses in the 1-hour and daily chart. Higher timeframes remain at a profit with the 7-day chart showing a +1,516%.