Investor interest in meme coins grows with BitTrade’s addition of Dogecoin and Shiba Inu. Optimism rises, aided by an increase in SHIB’s burn rate.
On Monday, October 16, meme coins grabbed the spotlight as investors showed increasing interest in these digital assets, driving notable price surges. Both the Shiba Inu ecosystem and Dogecoin started the week on a positive note, signaling growing enthusiasm among crypto enthusiasts for these cryptocurrencies.
BitTrade, a major player in the cryptocurrency exchange sector, added to the excitement with a recent announcement. They revealed that they have included Dogecoin (DOGE) and Shiba Inu (SHIB) in their list of supported digital assets. This expansion of their portfolio provides users with more options for their cryptocurrency trading and investment.
BitTrade Welcomes Dogecoin and Shiba Inu
BitTrade, a major cryptocurrency exchange, has revealed its plan to introduce support for two highly popular cryptocurrencies, Dogecoin (DOGE) and Shiba Inu (SHIB). Starting on October 18, 2023, BitTrade users will have the capability to deposit, withdraw, and trade both DOGE and SHIB on the platform. This expansion takes BitTrade’s cryptocurrency offerings to a total of 34 different digital assets, providing a more diverse selection for investors and traders.
For Dogecoin, which will be listed as “DOGE” on the exchange, users can perform transactions such as deposits, withdrawals, buying, and selling, but these will be limited to physical items only.
In the case of Shiba Inu, represented as “SHIB” within BitTrade, the same services will be available, allowing users to deposit, withdraw, and trade SHIB through the BitTrade website and app. As with DOGE, transactions are restricted to physical items.
This move reflects BitTrade’s commitment to delivering a broad and comprehensive selection of cryptocurrencies to its user base. The announcement has also sparked optimism among meme coin enthusiasts, influencing the upward movement of DOGE and SHIB prices.
However, it’s crucial to be aware that the specific launch date and time may be subject to change without prior notice, as indicated by BitTrade in its announcement.
Shiba Inu and Dogecoin Price Performance
The recent announcement appears to have sparked a price rally for these cryptocurrencies and boosted optimism in the crypto market. At the time of writing, Shiba Inu’s price had risen by 1.11% to $0.000007106 on Monday, with its trading volume increasing by 18.39% to $100.16 million.
Some analysts speculate that this rally could be linked to the notable increase in the Shiba Inu burn rate. According to Shibburn, the burn rate surged by approximately 243% in the past 24 hours, reaching over 54.82 million tokens. Notably, the largest transactions during this period were 8.09 million and 7.11 million, respectively.
On the other hand, Dogecoin’s price also saw a 1.16% increase over the last 24 hours, reaching $0.06005, with its trading volume surging by 8.60% to $128.36 million.
BitTrade’s decision to add DOGE and SHIB to their offerings reflects the growing demand for these cryptocurrencies and their commitment to meeting the needs of their user base. This expansion provides exciting opportunities for cryptocurrency enthusiasts interested in exploring the DOGE and SHIB markets.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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