Shiba Inu ($ SHIB) arrives at India’s first crypto unicorn with 3.5 million users

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The popular Shiba Inu memes-inspired cryptocurrency ($ SHIB) is listed on the user-friendly platform of the Indian cryptocurrency trading platform CoinDCX. Until now, SHIB has been available on the platform in trading mode only on the professional CoinDCX Pro.

According to a tweet from CoinDCX, the listing took place this Friday, November 12. CoinDCX seeks to integrate 50 million users across India and already has over 3.5 million active users.

We heard you 🤗 We’ll be posting $ SHIB by Friday on the CoinDCX app 🤩🥳🥳 # SHIBArmy is helping us get the news out. ⁰⁰👇 👇 👇⁰💬 🔁 ♥ ️

– CoinDCX: Making Crypto Accessible to Indians (@CoinDCX) November 11, 2021

CoinDCX became the first cryptocurrency company in India to achieve unicorn status – with a valuation of over $ 1 billion – after raising $ 90 million in a fund-led fundraiser. venture capital created by Facebook co-founder Eduardo Saverin, B Capital.

As CryptoGlobe reported, Zebpay, India’s oldest cryptocurrency trading platform, listed SHIB last month, claiming that it “inspired millions of people around the world to fund and to finance a coin with a dog photo on it.

The price of the Shiba Inu has skyrocketed this year amid a retail frenzy directed against the meme coins. SHIB has become the third most googled cryptocurrency so far this year, with 2.8 million average monthly searches. At one point, its trading volume briefly exceeded that of Ethereum, the second largest crypto-asset by market cap.

The CEO of popular cryptocurrency trading platform KuCoin, Johnny Lyu, has suggested that the memes-inspired cryptocurrency is worth holding onto for the long term, despite its recent price correction.

Lyu said retail investors are “very passionate about these tokens and are determined to push the prices up.” Despite the recent drop in Shiba Inu, Lyu said he would hold the cryptocurrency for the long term with bitcoin and DOGE. In his words, BTC can act as a hedge against inflation, while the same tokens represent the power of their communities.

Notably. Digital asset-focused research firm Delphi Digital has found that historically dog ​​coins, i.e. cryptocurrencies inspired by the popular Shiba Inu meme, have historically been “a pretty good indication of an overheated market “.

DISCLAIMER

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading crypto-assets carries a risk of financial loss.

IMAGE CREDIT

Featured Image via Unsplash

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