Shiba Inu (SHIB) has scored a new listing: In the crypto space, fortunes can change overnight with a single exchange listing announcement. Riding the waves of its latest achievement, Shiba Inu (SHIB) has now secured a spot on Coinone, one of South Korea’s largest and most esteemed crypto exchanges. But the question on everyone’s mind is: Will this listing impact the SHIB price?
Shiba Inu Gets Listed On Coinone
The excitement is palpable as SHIB enthusiasts celebrate the news of its listing on Coinone. This strategic move marks a significant milestone for the meme-coin, allowing it to reinforce its presence in the heart of Asia and potentially attract an influx of new traders. Coinone, a well-established player in the South Korean market, has been in operation for an impressive nine years.
With a trading volume of $68.4 million, Coinone is the fourth largest in Korea (behind BitHumb, UPbit and Korbit) and the 40th largest in the world. The decision to list SHIB comes hot on the heels of successful launches on other major Korean exchanges, Bithumb and Upbit, earlier in the year.
While the listing on Coinone is undoubtedly a major development for SHIB, the initial trading volume of around $100,000 in the last 24 hours might not be as impressive as some might have hoped. Currently, the “Korea effect” seems to have failed to materialize for SHIB as much of the trading continues to be on Binance, the global crypto giant, while KRW/SHIB trading has remained low.
In fact, data from CoinMarketCap reveals that approximately 99% of all SHIB trades occurred on Binance in the last 24 hours, with the vast majority being conducted with USDT (74%) and BUSD (22%) pairs. This is followed by Coinbase with a trading volume of only $5 million and KuCoin with $4.2 million. The largest Korean exchange was UpBit (SHIB/KRW) with $2.3 million.
However, it’s crucial to remember that cryptocurrency markets are notoriously volatile and unpredictable. The “Korea effect” might not be immediate, but it still can come later.
The Korean crypto market is often overlooked, but in fact it is the third largest crypto market. As shown in the more recent past, Korean traders can pump a coin single-handedly, as evidenced by the Aptos (APT) pump at the beginning of the year and the recent Bitcoin Cash (BCH) rally.
SHIB Price Continues Uptrend
At press time, SHIB was trading at $0.00000786 and continued its uptrend. Yesterday, the Shiba Inu price found support at the 20-day EMA. Today, the bulls need to overcome the next moving average, the 50-day EMA. If successful, SHIB could again target the 23.6% Fibonacci retracement level at $0.00000831. It would be the fourth attempt to close above this important resistance on the daily chart.
Featured image from Stephanie Nakagawa / Unsplash, chart from TradingView.com
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July 20, 2023 at 07:25PM
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