Shiba Inu Gets New Listing, Burn Rate Surges over 400%

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Shiba Inu Gets New Listing, Burn Rate Surges over 400%

Cryptocurrency exchange BitMEX has announced that it will list the popular canine-themed crypto project, Shiba Inu (SHIB) on its platform, along. The exchange has not revealed an exact date of the listing but has assured investors that it will happen very soon.

BitMEX announced the development via an official blog and tweet. Apart from Shiba Inu, the exchange will also list The Sandbox (SAND), Cronos (CRO), Decentraland (MANA), FTX’s native token (FTT), and Wrapped Bitcoin (WBTC).

As per the announcement, users and investors will soon be able to deposit and withdraw SHIB using their BitMEX wallet. Moreover, they may convert the aforementioned cryptocurrencies to USDC or USDT, and vice-versa, without any hidden fees. However, there is a minimum amount that users can deposit and withdraw, 800,000 SHIB, 0.0004 WBTC, 10 MANA, 10 SAND, 0.37 FTT, and 90 CRO.

2022 has been a particularly productive year for the Shiba Inu team. The token has been listed on over 100 exchanges just this year, including Robinhood. The Robinhood listing is especially interesting as it took the effort of the entire SHIB community to get the attention of the exchange’s executives.

Shiba Inu burn rate surges over 400%

Apart from the listing announcement, SHIB witnessed a massive 415% spike in its burn rate. The spike can be attributed to one transaction which saw the removal of 36,247,023 Shiba Inu tokens.

With the new game, Shiba Eternity, available worldwide, the times sure looks bright for Altcoin. With significant updates scheduled for later this year, the project seems to be on the right path to finally rid itself of the “memecoin” tag.

However, the developments do not reflect in SHIB’s price, which is kind of in a sideways motion, apart from a brief spike in mid-August. However, it is the larger financial system that is in the water and not particularly just SHIB. Both stock and crypto markets have taken a hit due to increasing interest rates.

At press time, Shiba Inu (SHIB) was trading at $0.00001086, down by 1.5% in the last 24 hours.

Credit : LINK

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