Leading Middle Eastern cryptocurrency trading platform Rain has listed the meme-inspired cryptocurrency Shiba Inu ($SHIB) after months of consideration. The listing boosts Shiba Inu’s liquidity at a time in which token burns are growing among its community.
As CryptoGlobe reported, Rain started considering listing the cryptocurrency back in March. At the time, a spokesperson said the exchange had already prepared its backend to trade the cryptocurrency. The exchange has, however, only now listed SHIB.
Rain is available for trading to residents of Bahrain, Oman, Saudi Arabia, Kuwait, the United Arab Emirates, Turkey, Pakistan, and more. It was reportedly the first cryptocurrency exchange licensed by Bahrein’s central bank
The listing comes at a time in which Shiba Inu community members have called for the creation of a donations portal to complement the already existing burn portal. The burn portal sends users who burn tokens “burntSHIB” tokens, which can be staked to generate rewards in the form of RYOSHI tokens, a separate token in the SHIB ecosystem.
So far, over 28.4 billion SHIB have already been burned and users are earning an APR of around 13% for destroying tokens. Projects often burn tokens to reduce circulating supply, which if met with similar or increasing demand could lead to a rise in the token’s price. The SHIB community has long been favoring token burns.
Other major listings for the meme-inspired cryptocurrency so far this year include Robinhood, a retail-focused commission-free stock and crypto trading platform the community had been fighting for a listing with for months on end.
The trading volume of the meme-inspired cryptocurrency exploded upward shortly after it was listed on the commission-free trading platform, along with Polygon (MATIC), Compound (COMP).
To make sure you receive a FREE weekly newsletter that features highlights from our most popular stories, click here.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured image via Pixabay