Thursday, October 6, 2022

WazirX Lists Dogecoin Rival Shiba Inu Token On Its Platform

Indian cryptocurrency exchange WazirX lists another memecoin, Shiba Inu, on its platform, on May 13. 

Some crypto analysts believe that Shiba Inu is a Dogecoin imitator, but Shiba community refers to it token as Dogecoin Killer. 

After enlisting Shiba Inu token on its platform, the CEO of WazirX, Nishcal Shetty, said, “We were receiving a lot of requests from our community to bring SHIB on WazirX, and hence, we decided to list it.”

Dogecoin is also a newly-listed token on the platform. The exchange listed the token on April 01, when it was being traded at around 6 cents. Along with time, the value of this token started increasing. However, it also experienced a dip, still, to date, the value of Dogecoin is up more than sixfold and is currently being traded at 40 cents.

As per the announcement, the users are not allowed to directly deposit or withdraw their Shina tokens from the platform. But they are allowed to trade the tokens with Indian Rupee and stablecoin tether (USDT,+0.04 percent). 

The announcement was made just a day after the co-founder of Ethereum, Vitalik Buterin, donated 50 trillion SHIB tokens, to the Indian COVID Relief Fund.

A month ago, this COVID Relief Fund was set by the founder of Polygon, Sandeep Nailwal.

After this fine gesture, the Ethereum founder gained a lot of attention from the Indian Media. Since then, they also started keeping an eye on Shiba Inu’s market movement. 

Indian Express, one of the Indian news outlets, has published a report stating that Buterin’s donation created a panic-like situation in the market because of which the value of Shiba Inu started declining.

On May 13, the value of Shiba Inu came down by 40 percent and at that time settled at $0.00001981.

A few days ago, another Indian cryptocurrency exchange CoinDCX, introduced a spot market for SHIB pairs.

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