Shiba Inu (SHIB) and five other coins are coming to BitMEX the week of October 10th. For those unfamiliar with BitMEX, it is a cryptocurrency exchange platform owned and operated by HDR Global Trading Limited. Founded in 2014, BitMex touts itself as an advanced P2P trading app. It currently supports over 30 currencies, with more on the way within days.
In preparation for “Uptober,” as digital currency is currently trending upwards, this cutting-edge platform will soon be offering six new listings. These are SAND (Sandbox), CRO (Cronos), MANA (Decentraland), FTT (FTX Token), WBTC (Wrapped Bitcoin), and SHIB.
A tremendously popular meme coin, SHIP made its debut in August 2020. The founder, operating under the pseudonym Ryoshi, launched an initial supply of 1 quadrillion tokens. Named after the beloved Japanese dog breed Shiba Inu, this coin was designed to be an Ethereum-based alternative to its counterpart Dogecoin (DOGE).
SHIB is definitely having a moment as high-profile Indian traders are choosing this token over big names like Bitcoin and Ethereum. In fact, it has taken the lead as the most liquid digital asset on the nation’s biggest crypto exchanges. These are CoinDCX, WazirX, and Zebpay.
Shiba Inu is now involved in 9% of all of India’s cryptocurrency transactions. This is one of many recent milestones for the token, including its introduction on significant platforms such as BitMEX. In turn, SHIB showing up on these platforms offers traders multiple benefits.
When it comes to BitMEX specifically, users can convert digital currency into USDC or USDT with no fees. The same applies to the reverse of this process. As conversions take place instantly, slippage is no longer a concern. All six of the new currencies can be deposited and withdrawn from a BitMEX wallet. Regarding SHIB, the minimum amount for such transactions will be 800,000 tokens.
BitMEX is adding these new currencies to make the platform more versatile. They are promising that even more tokens will soon be added. Spot trading pairs are a feature that will soon be available, including an option for ETH/BTC.
The excitement for this activity does tend to zero in on SHIB. As crypto is steadily trending up rather than crashing down, traders are closely monitoring the underdog SHIB. While it will not overtake Bitcoin anytime soon, this meme token gives new meaning to the phrase “every dog has its day.” If a boom is around the corner, keep an eye out for some significant activity from SHIB.