- The Swiss-headquartered institutional crypto exchange Nexo listed Shiba Inu.
- Nexo’s representatives recognized SHIB as a symbol of communal strength.
- SHIB’s new registered wallets grow further, totaling 1.31M active addresses.
Shiba Inu (SHIB) received a substantial adoption boost on May 7, as institutional crypto heavyweight Nexo affirmed the meme coin’s listing on their all-in-one platform.
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Nexo, the renowned digital assets institution, posted a backstory of the iconic Shiba Inu mascot and SHIB’s emergence over the years. Back in 2021, CEO Antoni Trenchev labeled SHIB an “inside joke,” elaborating that “as it goes viral, the number of people in on the joke can go into millions, pushing the valuations out of this universe.”
Since then, SHIB’s status has improved, bringing a new set of features directed at the growing Shiba Inu community, popularly known as the SHIB Army. In recent years, SHIB developers launched the Layer-2 blockchain Shibarium, a digital identity mechanism slated to introduce the community to Top-Level Domains (TLDs) and other perks.
SHIB’s Bullish Wave Picked Up by New Holders
As Nexo mentioned in their introductory tweet, Shiba Inu’s decentralized crypto exchange (DEX) ShibaSwap was the first step in providing real utility to the Shiba Inu community.
Shiba Inu’s collectible card game Shiba Eternity quickly topped other popular games like Uno and Solitaire on the App Store and Google Play during their initial release in 2022. Alongside a base of dedicated veteran supporters, SHIB is enjoying a renaissance in new wallets, according to the latest on-chain data by IntoTheBlock.
With a 5.07% hike in newly registered wallets and a 6.15% upswing in active crypto wallets, SHIB’s price performance since last week has also borne fruit in 6.6% gains. However, the upward trajectory depends on various macroeconomic factors, Shiba Inu burning efforts, and new projects being brought onto Shibarium’s Layer-2 chain.
On the Flipside
- An evolving feud between community members on X has sparked controversy among the SHIB Army. Shibburn’s official burn tracker’s official X handle posted allegations that Shytoshi Kusama and the developer team have “no control or say in the SHIB token,” even though both parties agree that SHIB is decentralized.
Why This Matters
Shiba Inu’s popularity has grown over the years to the point that SHIB Army is arguably the largest meme coin community in the cryptosphere.
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