Fully Licensed Japanese Exchange To List Shiba Inu and Dogecoin

Fully-licensed Japanese cryptocurrency exchange BitTrade is expanding its list of cryptocurrencies by adding two popular memecoins – Dogecoin (DOGE) and Shiba Inu (SHIB).

BitTrade is a Japan-based centralized crypto trading platform that allows users to buy, sell, and hold crypto assets, such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP). In September 2018, Huobi purchased a majority stake in the Japanese-licensed crypto exchange, expanding its business in the country.

BitTrade to List Shiba Inu and Dogecoin

According to the announcement, the crypto exchange will add DOGE and SHIB to its platform on October 18th. This will allow its users to deposit and withdraw the coins within the BitTrade ecosystem.

The crypto trading adds that the addition of the two popular memecoins will bring the total crypto assets it handles to “34 assets.”

SHIB and DOGE Enter More Markets

Memecoin is a type of cryptocurrency that is built around a meme or joke. They are often themed around dogs, food, celebrities, politicians, and other matters that may be trending on the internet at the time. They are not created with any stated use case.

Popular among the long list of memecoins flooding the crypto market are Dogecoin and Shiba Inu. Other memecoins include PEPE and FLOKI.

Dogecoin was created in 2013 by software engineers Billy Markus and Jackson Palmer. The dog-themed cryptocurrency, which initially began as a joke, progressively began to gain investors’ attention. Aside from being listed on popular crypto exchanges, public figures like tech billionaire Elon Musk began supporting the cryptocurrency.

Touted as the “Doge Father,” Elon Musk made several moves to promote the dog-themed crypto asset. One such move was the temporary replacement of the then-blue bird X (formally Twitter) logo with the Dogecoin, an action Musk took after his $44 billion acquisition of the social media platform. This caused DOGE’s price to soar by over 30%. 

Presently, DOGE trades at $0.06 while ranking as the leading memecoin by market capitalization ranking.

Source: CoinStats

Shiba Inu, on the other hand, was created in 2020 by the pseudonymous Ryoshi. Its creation was inspired by Shiba Inu, a popular Japanese dog breed. Like Dogecoin, Shiba Inu has garnered interest from investors. It currently ranks as the second largest memecoin by market cap.

At the time of writing, SHIB traded at $0.000007.

Source: CoinStats

These metrics signal a revival of the memecoin market, which recently suffered a trading slump, losing as much as $500 million in trading volume.