Shiba Inu (SHIB) Gifted in Millions by Top Japanese Exchange as Burn Rate Soars 249%

two shiba inu dogs with party hats are looking through a circle on a white board

The Japanese guard dog-themed memecurrency Shiba Inu (SHIB) has finally come home, as Bitpoint announced the listing of the canine coin by the end of November 2022. Further on, the Japanese cryptocurrency exchange is preparing a welcome gift of 1,000,000 SHIB tokens for newly registered users. Moreover, according to the official announcement, the one million SHIB giveaway is one out of four campaigns that will run in celebration of the listing.

Japan’s First Exchange to Pay Homage to Shiba Inu

The powerful woof of the SHIB community has been heard, as Bitpoint is ready to launch SHIB trading pairs on November 30th, 2022. Interestingly, SHIB was nowhere to be found on the Japanese crypto platforms, mainly due to strict regulations and the harsh crypto market conditions for the better part of 2022.

However, fellow Japanese crypto exchange Bitbank listed rival canine coin Dogecoin (DOGE) in August, but that didn’t fully satisfy crypto enthusiasts in Japan. Soon after DOGE’s inclusion, the SHIB Army took to Twitter to pen a petition for several popular Japanese crypto exchanges to finally list SHIB.

Besides the aforementioned 1,000,000 welcome gift, there’s a lottery draw for crypto enthusiasts who buy at least 10,000 yen worth of SHIB tokens. For every 10,000 yen purchase, the customers get a ticket to enter the prize draw to win up to 100,000,000 SHIB.

Things are Heating Up for Shiba Inu

As the SHIB developer team is working on SHIB: The Metaverse, the main developer Shytoshi Kusama is setting up Shibarium, the Layer-2 upgrade. On top of that, Mr. Kusama was invited to join the World Economic Forum (WEF), which provides an opportunity for SHIB to shape the future of the internet.

In accordance with the recent news, SHIB’s burn rate is back on track with a healthy 249% increase in the last 24 hours. According to Shibburn, there were 21 million SHIB tokens reduced to ashes in hopes of raising the coin’s market value.

On the Flipside

  • The accelerated SHIB burn rate doesn’t reflect its market price yet.
  • The popular memecoin is down by 76.5% in yearly terms.
  • SHIB is close to fully retracing its all-time high (ATH) of $0.00008616 set over a year ago.

Why You Should Care

The popularity of memecoins might open doors to quicker crypto adoption in retail.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

Author

Tadas Klimasevskis is an author & reporter, focusing on the latest tendencies of the crypto galaxy. Tadas spends his time digging deeper into specific areas like coins such as Shiba Inu (SHIB) & Dogecoin (DOGE), music NFTs, sports NFTs, digital art, and Pop culture in Web 3.0. Tadas strongly believes in crypto as disruptive innovation and keeps an eye out for new crypto hubs being developed around the globe. His vast experience in social media lets him quickly spot what’s going on in the mercurial world of crypto and deliver stories with unique spins. He has been active in blockchain and cryptocurrencies since 2019.