Shiba Inu (SHIB), the well-known canine-themed cryptocurrency, has broadened its trading accessibility by being listed on Backpack, a crypto exchange and wallet provider regulated in the British Virgin Islands.
The official announcement of SHIB’s launch on Backpack was made through a tweet on May 5th, marking the beginning of SHIB trading on the platform.
Backpack: A Next-Generation Cryptocurrency Exchange
Backpack, launched in 2023 and based in the British Virgin Islands, is a modern cryptocurrency exchange. It allows users from Africa and Europe to trade a wide range of digital assets, including popular ones like Bitcoin (BTC) and Ether (ETH), as well as newer projects such as Solana (SOL) and Dogwifhat (WIF).
Recently, Backpack added SHIB to its platform, bringing the total number of supported cryptocurrencies to 25. All assets on Backpack are paired with the Circle stablecoin (USDC), providing traders with a measure of stability.
The exchange has seen a significant increase in its 24-hour trading volume, reaching $27.88 million, marking a substantial daily rise of 58%. Currently, the most actively traded pair on the platform is SHFL/USDC, with a 24-hour volume of $18.06 million.
SHIB Expands Accessibility and Market Presence
Trading for SHIB is now open on Backpack, but initial activity remains low. As of now, the total value of SHIB traded on the platform is just over $59.51, indicating minimal impact on its price. According to CoinMarketCap, SHIB is currently trading at $0.00002507, showing a 4.80% increase in the last 24 hours.
The listing on Backpack is a significant step in making SHIB more accessible to a wider audience in the crypto community. This follows recent listings on other exchanges, boosting SHIB’s standing in the market.
Notably, SHIB saw a substantial 360% surge on Binance Japan, where it reached $0.00011. Nexo also responded to community requests by listing SHIB and offering educational resources about the token.
With SHIB gaining more attention, additional crypto exchanges may consider adding it to their platforms. This increased availability could lead to greater adoption and liquidity for Shiba Inu in the cryptocurrency space.
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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