Blockchain News

Shiba Inu ($SHIB) Keeps Trending With Listing on Major South Korean Exchange

Shiba Inu ($SHIB), a meme-inspired cryptocurrency, is now topping the “trending” charts on famous crypto aggregator websites after being listed on one of South Korea’s largest crypto trading platforms by volume.

In a recent statement, Seoul-based exchange Upbit, which has the highest trading volume in the country after Binance, revealed the launch of a $SHIB pair trading against the South Korean Won (KRW).

As of this writing, the flagship cryptocurrency Bitcoin ($BTC), ($FET), PancakeSwap ($CAKE), and smart contract platform Solana ($SOL) are the top trending assets on CoinMarketCap as a result of the listing.

The meme-inspired cryptocurrency has been soaring in recent weeks in anticipation of the upcoming release of Shibarium, its layer-2 scaling solution. $SHIB has gained more than 40% in the last 30 days, while $BTC has gained 26%.

Shiba Inu’s market valuation has surged by about $2 billion in the last 30 days to surpass $6.4 billion, according to CryptoGlobe. The Ethereum ($ETH) network’s largest whales have amassed approximately $85 million in $SHIB ahead of the launch of the layer-2 scaling solution, and at a time when the meme-inspired cryptocurrency partnered with the North American luxury brand Bugatti Group, the minting of non-fungible tokens (NFTs) in a “special event” in which the Bugatti Group hosted a “mint party and space” dedicated to Shiboshis.

The unique mint collection “went out in the first 4 minutes” of the event, according to an account linked with the meme-inspired cryptocurrency, as demand for the tokens considerably outweighed supply.

Shiboshis are non-fungible tokens (NFTs) that are unique to the Shiba Inu ecosystem, which debuted in October 2022. Shiboshi holders received “tangible objects and collectible NFTs” as a result of the collaboration.

At the ceremony, 299 limited editions and a “very unique first edition release” were struck for 0.14 ETH each. Bugatti Group provided a “Cross Body limited edition baggage bag” to 95% of mints, while the remaining 5% received a limited edition Carry-On item. These were given to 15 NFT minters in exchange for enabling them to use their own Shiboshi design on the bag.

Shibarium, on the other hand, promises to strengthen the Shiba Inu ecosystem by, among other things, enabling faster transactions at a reduced cost.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.