Shiba Inu (SHIB), the popular canine-themed cryptocurrency, has expanded its trading reach with a new listing on Backpack, a British Virgin Islands-regulated crypto exchange and wallet provider. The announcement was made via a tweet from Backpack on May 5th, signifying the official launch of SHIB trading on the platform.
Backpack: A Growing Crypto Exchange
Launched in 2023, Backpack positions itself as a next-generation cryptocurrency exchange. It allows users to buy and sell a variety of digital assets, including major players like Bitcoin (BTC) and Ether (ETH), alongside newer projects like Solana (SOL) and Dogwifhat (WIF). Registered in the British Virgin Islands, the exchange caters to users in various regions, including Africa and Europe.
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With the addition of SHIB, Backpack now offers trading for 25 cryptocurrencies. Notably, all supported assets are paired against the Circle stablecoin (USDC), providing a measure of stability for traders.
Backpack reported a 24-hour trading volume of $27.88 million, reflecting a significant daily increase of 58%. Currently, the most actively traded pair on the platform is SHFL/USDC, boasting a 24-hour volume of $18.06 million.
Early Days for SHIB on Backpack
While SHIB trading is now live, it’s important to note that initial trading activity for the token remains modest on Backpack. As of press time, the total value of SHIB traded on the platform exceeds $59.51, indicating that the volume isn’t yet substantial enough to influence the overall price of the token. According to CoinMarketCap, SHIB is currently trading at $0.00002507, reflecting a 4.80% increase over the past 24 hours.
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Shiba Inu’s Growing Exchange Presence
The listing on Backpack marks another step forward in expanding SHIB’s accessibility to a wider crypto audience. This development follows a series of recent exchange listings for the token, further bolstering its presence in the market.
Notably, Binance Japan’s listing of SHIB triggered a momentary surge of 360%, with the token reaching a price of $0.00011 on the Japanese exchange. Additionally, Nexo finally responded to community requests and listed SHIB last month, solidifying its commitment by releasing educational content about the token.
Given SHIB’s continued rise in prominence, it’s likely that more crypto exchanges will consider adding the token to their offerings in the future. This broader availability can potentially contribute to increased adoption and liquidity for Shiba Inu within the cryptocurrency space.
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