The listing of a Shiba Inu (SHIB) trading pair denominated in Japanese yen (JPY) on Binance Japan’s spot trading platform triggered a temporary price increase for the meme coin. This development caters to the growing interest in SHIB trading within the Japanese market.
On April 30, Binance Japan announced the addition of the SHIB/JPY trading pair, fulfilling its earlier commitment to introduce the pair by that date. This move provides Japanese investors a convenient avenue to trade SHIB directly against their local currency, eliminating the need for currency conversions.
Furthermore, to incentivize trading activity at launch, Binance Japan implemented a fee-free campaign for buying and selling transactions on the SHIB/JPY pair. This temporary elimination of maker and taker fees encourages participation from Shiba Inu enthusiasts in Japan.
The listing announcement garnered significant attention within the Japanese Shiba Inu community. KURO (@kuro_9696_9696), a prominent Japanese SHIB Army community member, shared the news on X. Following the launch of the SHIB/JPY pair, KURO shared a screenshot depicting a surge in trading activity. The screenshot indicated a momentary price spike for SHIB, reaching ¥0.016666 (JPY).
Converted to US dollars (USD), this price point translates to approximately $0.00011, reflecting a significant increase compared to SHIB’s price of roughly $0.00002231 at the time. This uptick represents a sizable gain exceeding 360% relative to the opening price of ¥0.003608 (JPY) on the SHIB/JPY pair.
Notably, this price spike materialized within the first hour of trading. Meanwhile, historical data paints May as a bullish month for SHIB, and this major development is a positive pointer to the desired height this month.
The price increase was short-lived. The screenshot captured a temporary peak, with the price stabilizing at ¥0.003741 (JPY) at the time of capture. The data also revealed that Japanese investors had collectively traded over 106.39 million SHIB, with a total value of ¥421,078 (JPY).
Despite the price stabilization, KURO expressed optimism regarding SHIB’s prospects. He believes the ¥0.016666 (JPY) mark, equivalent to $0.00011 (USD), has the potential to become a stable floor price for SHIB in the long term. This prediction hinges on the successful onboarding of global partners by the Shiba Inu development team.
Ripple’s partnership with Uphold and similar companies has done spectacular things for XRP, and Shiba Inu can expand its horizon with similar strategies. Combining this strategy with token burns could finally send SHIB back to the top of the meme coin market.
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HO CHI MINH, Vietnam, 17th November 2024, Chainwire