Shiba Inu Resists Crypto Sale Relatively Better, Becomes First Memecoin To List In South Korea – Shiba Inu ($ SHIB)

[ad_1]

Cryptocurrencies collapsed along with the rest of the financial markets on Friday amid concerns over a new variant of the COVID-19 virus that threatens to derail the post-pandemic recovery. Meme crypto Shiba Inu (CRYPTO: SHIB), however, is doing relatively better.

What happened: Shiba Inu was only seen slightly lower on Friday, while Bitcoin (CRYPTO: BTC), the mother of all cryptos, and Dogecoin (CRYPTO: DOGE), a sister currency, traded with larger drops.

Shiba Inu, an Ethereum-based altcoin (CRYPTO: ETH), has the namesake Japanese breed of hunting dog as its mascot. It was created as an alternative to the more popular memecoin, Dogecoin, and was released in August 2020 by an anonymous individual or group called Ryoshi.

Along the way, the token itself has amassed a frenzied following, which supports the crypto to the hilt.

After starting the year almost worthless, Shina Inu saw trading and price muted until October 2021. In October, Shiba Inu took off to the moon, rising from $ 0.000007 on September 30 to a record high. intraday record of $ 0.000078 on October 10. 30. Since then, crypto has surpassed this level.

Much of the impetus came from an endorsement by Elon Musk, CEO of Tesla Inc (NASDAQ: TSLA), of its listing on several leading exchanges such as Coinbase Global Inc (NASDAQ: COIN), Binance and Kraken. , and wider acceptance as merchant payment options.

At one point in October, Shiba Inu’s market cap exceeded that of Dogecoin before falling back.

Related Link: Demand to Add Shiba Inu to Robinhood Grows Stronger As Crypto Meme Shoots For The Moon

Shiba Inu leaves Doge behind en route to South Korea: Shiba Inu began trading on Krobit, South Korea’s first virtual currency exchange, on Wednesday, earning the distinction of being the first meme currency to be listed in the country.

“We support Shibainu (SHIB) and Injective Protocol (INJ) transactions,” the exchange said earlier this week. Wallet creation and deposit began to be available on Wednesday, and transactions and withdrawals on Thursday.

This was followed by an airdrop where the first 100 customers received 360,000 SHIB for creating and depositing Shiba Inu on the exchange.

The development is seen as an accomplishment, given that South Korea has some of the strictest cryptocurrency laws.

SHIB Price Action: The Shiba Inu was trading down 5.36% at $ 0.0000381 on Friday morning.

Related Link: Is Shiba Inu (SHIB) a Good Investment

Photo: Ferhat Deniz Fors via Unsplash

[ad_2]