Shiba Inu (SHIB) The meme cryptocurrency has started trading on an Indian exchange that allows trading for customers from the United States as well.
In a tweet earlier today, India-based cryptocurrency exchange Koinbazar announced that it has launched trading of the SHIB/USDT pair on its platform.
Dear Community,
SHIBA Trading is on Live for USDT pair🥳🥳
Register Now and Start Trading!!
SHIB/USDT 👉 https://t.co/NdTsdjJN3y#shiba #ShibaArmy #SHIB #shibainu #SHIBARMY #cryptocurrency pic.twitter.com/VtTm67KsYS
— Koinbazar: Global Cryptocurrency Exchange (@koinbazar) January 6, 2022
SHIB Listed By Indian Exchange With US Clients
Koinbazar has been operating in the crypto trading space since 2020 and is ranked 160th in the exchange rankings on CoinMarketCap. Unlike other Indian crypto exchanges, this platform also allows US customers to trade. The exchange’s website claims that the platform places great emphasis on security, using multi-layered encryption models along with reliable technologies. The platform also requires customers to complete KYC procedures before trading.
“Dogecoin killer” Shiba Inu in late 2021; witnessed a listing frenzy supported by multiple exchanges in various countries. These included Gemini, Kraken and major Indian exchange CoinDCX, the largest Spanish exchange Bit2Me, South Korean exchange Korbit and Singapore-based Coinhako.
Despite all this listing news, the SHIB community is now waiting for popular stock trading app Robinhood to also list the Shiba Inu. In mid-January, the trading platform is launching beta testing of cryptocurrency wallets and is already trading with its main SHIB competitor, Doge. Last year, a petition was launched on Change.org to demand that Robinhood add SHIB to its list of traded assets. More than half a billion people have already signed this petition.
Whales Support SHIB!
According to Whalestats data, the first 1000 ETH whales, whose wallets have the largest token holdings SHIB by USD value, bought $300 million Shiba Inu last week.
Each of these 1,000 whales has an average of 52,266,145,309 SHIB tokens (worth $1,553,419,958), which is 14.86 percent of their holdings.
According to WhaleStats data, Shiba Inu whales continued to hold the tokens despite the recent market correction. WhaleStats has added new content to its platform and announced that they will now track and analyze the activities of the top 100 Shiba Inu owners, as well as ETH and BNB whales. After a major market correction last night, Bitcoin and other cryptocurrencies have lost significant amounts of value and are currently still trading in the red.
The average SHIB balance, which represents the average amount of tokens held by the top 100 Shiba Inu whales, has increased by 2.29 percent in the last 24 hours, according to the whale watching platform. The average SHIB value held by investors in this category decreased by 4.35 percent in line with the decreases in SHIB price due to the market correction.
According to WhaleStats for SHIB; Other key metrics like active addresses, volume and NetFlow all look positive. At the time of writing, the total number of Shiba Inu holders has also increased to 1,123,135.
Shiba Inu remains a favorite of Ethereum whales as it is the largest dollar-valued token position for the first 1,000 ETH wallets tracked by WhaleStats as mentioned above.
SHIB Price Action
In line with the market action, the Shiba Inu dropped as low as $0.00002860 on Jan. 5 before recovering slightly. At the time of writing, rebounding SHIB is changing hands at $0.000030, down over 7 percent from the last 24 hours, according to data provided by CoinMarketCap. This is still 65.88% below the historic high of $0.00008845 reached on Oct. 28.
According to IntoTheBlock’s “INPUT/EXIT from money”, a rebound from the $0.000028 level is expected due to significant support at this key level. At this point, around 24,000 addresses have purchased 9.263 billion Shiba Inu tokens, which marks a massive buy wall.
On the other hand, if SHIB starts its recovery adventure, it is expected to face little resistance up to $0.000031. However, the next major resistance is expected to be encountered at $0.000032 and then $0.000034 as numerous Shiba Inu addresses have placed sell orders at this point.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.