TL;DR Breakdown:
- Avalanche Bridge has added Shiba Inu as a transferable ERC-20 token to Avalanche.
- SHIB holders can now access decentralized applications on Avalanche.
The second-largest meme cryptocurrency Shiba Inu (SHIB), is currently supported by Avalanche Bridge (AB) and can now be bridged onto one of the fastest smart contracts blockchains, Avalanche.
Avalanche Bridge now supports SHIB
Launched by Ava Labs, Avalanche Bridge was specifically designed to facilitate the transfer of digital currencies on Ethereum (precisely ERC-20 standard tokens) to Avalanche. Only wrapped versions of Bitcoin (WBTC) and Ether (WETH) were supported when the service launched. However, AB announced Wednesday It’s adding new tokens to the list, starting with the Shiba Inu token.
As a result, SHIB holders can now transfer their holdings between Ethereum and Avalanche. The ERC-20 tokens transferred to the blockchain will be represented by the token symbol with “.e” appended, hence “SHIB.e.” This development opens up the meme cryptocurrency to a whole new market, given that SHIB.e will be compatible with smart contracts and decentralized applications on Avalanche network, which is bullish.
At the time of writing, SHIB was trading at $0.00003661 and ranked the 13th largest digital currency, just below the native token of Avalanche (AVAX), which is the 12th largest cryptocurrency.
Shiba Inu keeps dominating
SHIB had an impressive market performance some months ago, posting over a 700 percent increase. However, the meme token hasn’t made any significant move to the upside in recent times. In the 30-days time frame, it seems the momentum has diminished for Shiba Inu as charts show the token is on a downtrend, perhaps due to the bear market, which is currently affecting the entire crypto market.
Notwithstanding, Shiba Inu is still scoring big support on major platforms. Just recently, Bitstamp announced it had listed the meme token for trading on their platform. In addition to that, Cryptopolitan reported Wednesday that whales are still buying billions of SHIB regardless of the market downtrend.
