Although the second-largest meme token continues to struggle in terms of price, the quality standard and solid developments around the crypto asset have prompted top exchanges including Binance and Biconomy to increase the rating and support for Shiba Inu (SHIB).
Shortly after Binance, the largest digital assets exchange by trading volume, moved SHIB out of its innovation zone to show a high rating for the crypto asset, a widely used Canadian trading platform, Biconomy, has expanded its support for the asset by listing it for Futures trading.
SHIBUSDT Perpetual Futures Trading Available on Biconomy
Biconomy, a popular United States-based crypto exchange, has listed Shiba Inu (SHIB) on its Futures market with leverage as high as 50x.
This means Shiba Inu proponents can now long or short SHIB with USDT on the Biconomy Futures platform with any leverage amount but not more than 50x. Per the announcement shared on Wednesday, the top Canadian digital assets trading platform will switch on SHIBUSDT Perpetual Futures trading on Thursday by 10:00 UTC.
“We are pleased to announce that SHIBUSDT Perpetual Futures trading is opening at 10:00 (UTC), on April 19th 2023,” Biconomy disclosed. The exchange warns users of the high risks associated with futures trading, stating that this trading type carries a substantial risk to all parties involved.
🚀 #Biconomy Futures New Listing – #SHIB🚀#BiconomyFutures listed @Shibtoken with SHIB/USDT pair up to 50x margin!🔥
✅Trade now in our website: https://t.co/KWvLrxtHu6
✅Or in our APP:https://t.co/PAI7SOVa7G
Full Details👉 https://t.co/oLjBHA7dv8#BiconomyExchange #BIT… pic.twitter.com/l7QU225aBR
— Biconomy 🌐 (@BiconomyCom) April 19, 2023
While users can make significant gains trading SHIB in the futures market, huge losses can be incurred and all of your margin balance may be liquidated in the event of extreme SHIB price movement.
At the time of writing, SHIB is down almost 6% in the last 24 hours following the recession in the price of Bitcoin (BTC) after hitting $31,000 last week. But in the last 30 days, SHIB is up roughly 5%, at the time of writing.
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