- Earlier this week, OKCoin Japan announced that it will begin to offer Shiba Inu trading from February 28.
- The Shiba Inu ecosystem is largely motivated by the leadership of Shytoshi Kusama who have severally teased the launch of Shibarium beta.
The Shiba Inu ecosystem has grown into a global vibrant community with the potential of disrupting top layer 1 blockchain. The second largest meme coin enjoys over 1,311,392 global holders, with Binance and Crypto.com among the top investors. Having received tremendous support from Ethereum co-founder Vitalik Buterin, Shiba Inu takes pride in a market capitalization of over $7.7 billion and a 24-hour trading volume of anoint $367 million despite the year long bear market.
Most importantly, the Shiba Inu army is excited about the upcoming Shibarium beta launch, which will bring scalable decentralized applications to the SHIB ecosystem. Mind you, more DeFi ecosystems on the Shiba Inu network will reciprocate to increased use cases for the young blockchain.
Shiba Inu Piles Up Positive Fundamentals
The Shiba Inu community gets highly thrilled every time the meme coin is listed on a global exchange. Moreover, a new listing on either a centralized or decentralized exchange means more liquidity for the Ethereum-based meme coin. Earlier this week, OKCoin Japan announced that it will begin to offer Shiba Inu trading from February 28.
＼SHIBの取扱い／
OKCoinJapanでは新たに#シバイヌ $SHIB の取扱いを開始します。
■対象サービス
取引所（板取引）、販売所■取扱い開始日時
2月28日（火）17:00https://t.co/eADXdXCjKg#SHIB #ShibaInu pic.twitter.com/7myqMR8Hfh— OKCoinJapan（オーケーコイン・ジャパン） (@OKCoinJapan) February 17, 2023
The adoption of Shiba Inu by a Japanese exchange is a clear testimony that the second-largest meme coin has huge demand from the country’s crypto investors.
As the demand for the Shiba Inu coins rises, the network continues to initiate more token burns to increase the value of existing assets. Notably, over 98 million Shiba Inu tokens have been burnt in the last week. Interestingly, over 2 million Shiba tokens have been burnt in the past 24 hours, according to on-chain data.
In the last 7 days, there have been a total of 98,282,540 $SHIB tokens burned and 36 transactions. #shibarmy
— Shibburn (@shibburn) February 19, 2023
More Shiba Inu burns are expected to increase as individual users continue to send their tokens to the dead wallet. For instance, the Shiba Inu community sent a staggering 39,515,844 SHIB tokens to the dead wallet on February 13.
In the past 24 hours, there have been a total of 39,515,844 $SHIB tokens burned and 7 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
— Shibburn (@shibburn) February 13, 2023
The Shiba Inu ecosystem is primarily motivated by the leadership of Shytoshi Kusama, who has severally teased the launch of the Shibarium beta.
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Side Notes
The Shiba Inu price has consolidated since hitting it rock bottom back in June last year. Analysts forecast more consolidation could take place in the Shiba Inu ecosystem in the coming quarters as it is with the rest of the crypto industry. Nonetheless, Shiba Inu price could pull a surprise breakout after the Shibarium beta launch due to supply and demand shock.
Having broken out of a falling trend that began in late 2021, Shiba Inu’s price could retest its ATH soon.
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