Dogecoin Rival Shiba Inu Becomes First Meme Coin To List In South Korea
Popular meme coin Shiba Inu has marked yet another milestone following its immense success this year. The meme coin which was created as a rival for top meme coin Dogecoin has found its way out of the shadow to its greatest rival. Now, Shiba Inu is standing on its own feet while making strides in the meme coin space.
The digital asset has garnered what could be described as a cult-like following behind it since it hit a new all-time high back in October. It has scored multiple listings on top exchanges such as Coinbase, Binance, and Kraken. In addition to being adopted as a payment method by prominent merchants. This time, Shiba Inu has scored another notch in its cap with a new listing in one of the strictest crypto climates globally.
Shiba Inu Lists On South Korean Exchange
South Korea has built up a reputation for having some of the most stringent laws surrounding cryptocurrencies. Similar to Japan, getting a digital asset listed on a cryptocurrency exchange in the region involves a mountain of paperwork and the process could take years. However, Shiba Inu has managed to do what many, well-established projects could not do and that is get listed on a South Korean crypto exchange.
Shiba Inu officially began trading on Korbit exchange on Wednesday, 24th November. Korbit is a South Korean crypto exchange that provides buying, selling, and trading services for crypto investors in the region. The exchange is only one of a few that survived immense regulatory pressures that saw 40 exchanges shutter their doors in September.
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The announcement came on Tuesday where the exchange stated that it would be listing the meme coin alongside another digital asset Injective Protocol (INJ). This was followed by an airdrop where customers received 360,000 SHIB for creating and depositing Shiba Inu on the exchange.
Suffering In The Midst Of Good News
Despite news of the listing making the rounds, the price of Shiba Inu has not recorded any significant upward momentum. Instead, the digital asset has continued to dump in price, losing over 50% of its all-time high. This is the lowest the asset has been in almost a month and there does not seem to be any sign of recovery soon.
SHIB continues to suffer dips | Source: SHIBUSD on TradingView.com
Shiba Inu is not alone in this though. The crypto market has suffered heavy losses in the past few weeks, with bitcoin losing over $10K off its price in the same time frame, leading to a trickle-down effect that has affected most altcoins.
As November draws to a close, the market looks to be headed in the direction of a bear market.
Featured image from The Economic Times, chart from TradingView.com