BitFlyer, one of the largest exchanges operating in Japan with over 2.5 million users, announced that it will start offering support for trading SHIB tokens. The announcement from BitFlyer came earlier today on March 22.
The Japan-based BitFlyer has yet to reveal any specific details of its plan. However, it announced a SHIB handling commemoration with a 10,000 Japanese yen prize pool for 20 eligible winners. The campaign will start today itself i.e. March 22 and will end soon as BitFlyer starts handling SHIB.
BitFlyer is not the first Japanese crypto exchange to handle SHIB transactions. Last month on February 28, OkCoinJapan, the Japanese subsidiary of the San Francisco-based exchange OkCoin, started handling SHIB transactions. Besides, the exchange also reported a positive response to the Shiba Inu listing.
Shiba Inu (SHIB) Burn Rate Shoots 4,600%
In another development, memecoin Shiba Inu (SHIB) also observed a massive jump in its burn rate shot up all the way by 4,600%. The “burn rate” denotes the proportion of tokens removed from circulation thereby effectively shrinking the total supply for the SHIB crypto.
By theory, this dramatic increase in SHIB’s burn rate should lead to a higher valuation for the cryptocurrency as it effectively reduces the supply. However, the market price of Shiba Inu (SHIB) hasn’t shown much movement and remained effectively stable thereby confusing the investors.
As of press time, the Shiba Inu (SHIB) memecoin is trading at $0.00001087 with a market cap of $6.4 billion. While the broader cryptocurrency market rallied this month, Shiba Inu chose not to participate in the rally. Over the last two weeks, the SHIB price has undergone limited fluctuations while hinting that large-scale traders and investors aren’t much certain about the crypto’s future.
Also, the core development team at Shiba Inu has been lagging behind with the launch of the Layer-2 scalability protocol Shibarium. Furthermore, there are other projects waiting in line for the launch of Shibarium. The much-anticipated SHIB The Metaverse has been announced to be launched on the Shibarium platform.
Shiba Inu (SHIB) to $0.01
While Shiba Inu (SHIB) has been a very slow mover in the recent market rally, some analysts still remain bullish about it. Popular crypto enthusiast David Gokhshtein recently said that his bet of SHIB at $0.01 still remains valid with Balaji Srinivasan betting for BTC price to be at $1 million.
Source: www.crypto-news-flash.com
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