Just-In: Shiba Inu (SHIB) Bags Nexo Listing, Will SHIB Price Rally

Dog-themed memecoin Shiba Inu (SHIB) has finally gone live on Nexo after several weeks of hinting at the listing.

Nexo Applauds Shiba Inu (SHIB) Evolution

Nexo reiterated the news of the SHIB listing on X on Tuesday, acknowledging the outstanding evolution of the cryptocurrency over the years. According to the X post, Shiba Inu launched about four years ago as a “playful” memecoin but has now evolved to become a robust symbol of community empowerment.

Noteworthy, the digital asset trading platform strongly opines that SHIB’s performance is largely tied to the activities and engagement of its vibrant community.

“The engagement of the ‘Shib Army’ is pivotal, driving both growth and innovation within the ecosystem. With its compelling branding and a base of dedicated supporters, SHIB has quickly ascended to significant popularity within the industry,” Nexo stated in its X post.

Shiba Inu’s listing on Nexo fell through about a month ago, putting the community in the mood for festivities. It meant that Shiba Inu customers could buy, swap, borrow, and even transfer SHIB on Nexo. However, it wasn’t until today that the service went live on the Nexo trading platform.

When the listing was announced in April, the price of the memecoin demonstrated no visible uptick towards the milestone. Rather, SHIB traded at $0.00002681 with a 5% decrease at the time. With the memecoin now live on Nexo, the price outlook of SHIB is yet to fully price in the news.

At the time of this writing, Shiba Inu was trading at $0.00002372 with a value drop of 3.02% in the last 24 hours. Its market capitalization has equally dropped by the same rate, settling at approximately $13.93 billion.

Can SHIB Rally To $0.00005?

Despite the current SHIB price, it is worth noting that other metrics in the Shiba Inu ecosystem look promising. The trading volume of the memecoin is up by 68.21% in 24-hour trading volume, reaching $607.87 million. Similarly, the SHIB burn rate, an initiative that deflates Shiba Inu’s supply in the market has seen explosive growth in recent weeks.

By the early hours of May 6, the memecoin had registered a 4000% surge in its burn rate. This development has birthed optimism surrounding the token’s future price movements. There are speculations that the frequency of this SHIB burn may eventually take the price of the memecoin to $0.00005.

With the recently launched Shibarium Hard Fork, more growth sentiment is inbound for the dog-themed memecoin.