TL;DR Breakdown
- Indian unicorn, CoinCDX lists Shiba Inu.
- High demand makes exchange list meme coin.
- CoinCDX becomes second exchange in India to list SHIB.
Indian crypto unicorn, CoinDCX has listed popular memecoin Shiba Inu on its market, allowing retail investors on the platform access to the trending altcoin.
CoinDCX is one of India’s leading cryptocurrency exchanges and it completed the listing of the Dogecoin killer on Friday amidst the many regulatory uncertainty crypto India faces.
It is worth noting that amidst the tough stance of authorities against crypto in India, the crypto community in the community has remained resilient as Indian investors generate millions of dollars worth of daily trading volume on various exchanges.
Why CoinDCX listed Shiba Inu
Shiba Inu briefly became one of the most traded crypto assets a couple of weeks back when its price reached yet another all-time high.
The exchange announced it had listed Shiba Inu in a Twitter post, which was reportedly inspired by the coin’s high demand. The exchange becomes the latest exchange to open up SHIB trading to the retail masses as investors have shown a massive appetite for the cryptocurrency.
Before it was made available for retail investors, Shiba Inu was only available on the platform in trade-only mode on professionally-oriented CoinDCX Pro. Before CoinDCX, ZebPay — India’s oldest cryptocurrency exchange added support for Shiba Inu about one month ago.
CoinCDX being the first Indian unicorn, after raising $90 million in a funding round led by B Capital, a venture capital fund created by Facebook Inc. The exchange aims to onboard 50 million users despite reporting just 3.5 million users three months ago.
At press time, Shiba Inu trades at $0.00005157, a -1.4 percent drop in its value over the past 24 hours (CoinGecko).
Many have speculated that the memecoin would soon be listed on Robinhood, also a popular retail trading app in the US. However, no official confirmation has been provided.
