Shiba Inu (SHIB), the popular dog-themed memecoin, has officially launched on the Nexo digital asset trading platform. This news comes after several weeks of anticipation from the SHIB community, who were eager to take advantage of Nexo’s buy, swap, borrow, and transfer functionalities for SHIB.
Nexo Acknowledges SHIB’s Evolution
In a recent announcement on X, Nexo expressed its support for the SHIB listing. Nexo recognized SHIB’s transformation from its playful meme coin beginnings four years ago to a symbol of community empowerment within the cryptocurrency space.
The announcement highlighted the significant role the “Shib Army,” SHIB’s dedicated community, plays in driving growth and innovation for the project. Nexo attributes SHIB’s rapid rise to prominence within the industry to its strong branding and passionate fanbase.
Shiba Inu Listing Delayed But Now Live
The SHIB community initially celebrated the announcement of the Nexo listing in April. However, the service launch was delayed for about a month.
This meant that SHIB holders had to wait until today to enjoy the full benefits of the Nexo platform, including buying, swapping, borrowing, and transferring SHIB. Interestingly, the initial listing announcement in April did not cause a significant rise in SHIB’s price. The memecoin was trading slightly down at $0.00002681 at the time.
Current SHIB Price and Market Performance
The price of SHIB remains the same despite its official launch on Nexo. The memecoin is currently trading at $0.00002372, reflecting a slight decrease of 2.23% in the last 24 hours. Similarly, its market capitalization has also dipped by 2.23%, settling at approximately $13.97 billion.
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Read Also: SHIB Burn: Over 179 Million SHIB Destroyed in the Past 24 Hours
Can SHIB Reach $0.00005?
While the current price of SHIB might not reflect the Nexo listing yet, there are positive signs within the SHIB ecosystem. The SHIB burn rate, a process that reduces the circulating supply of SHIB, has experienced explosive growth in recent weeks. On May 6th, SHIB recorded a remarkable 4000% surge in its burn rate.
This development has fueled optimism for the future price trajectory of SHIB. Some speculate that the continued burning of SHIB tokens could eventually push the price up to $0.00005. Furthermore, the recent launch of the Shibarium Hard Fork is expected to contribute to a more positive outlook for the memecoin.
The launch of SHIB on the Nexo platform offers new opportunities for SHIB holders. While the immediate impact on the price remains to be seen, positive developments within the SHIB ecosystem, including a rising burn rate and the Shibarium Hard Fork, suggest potential for future growth.
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