Shiba Inu (SHIB), the meme coin with a loyal following, experienced a whirlwind of activity in the Japanese market this week. The catalyst? The listing of a new SHIB/JPY trading pair on Binance Japan, a move that initially sent the price soaring.
Shiba Inu Soars On Binance Listing, But Briefly
On April 30th, Binance Japan announced the addition of the SHIB/JPY pair to its spot trading platform. This move provided Japanese investors with a convenient way to trade SHIB directly with their yen, eliminating the need for currency conversions. The news was met with excitement in the Shiba Inu community, particularly in Japan, where the dog-themed coin enjoys a strong following.
Binanceジャパンが2024年4月30日17:00より現物取引において日本円建ての取引ペア #SHIB/JPY を追加。
上記取引ペアは現在実施中の売買取引手数料無料キャンペーンの対象で、期間中はメイカー手数料およびテイカー手数料ともに無料とのこと。https://t.co/Fus96RbCN5
— KURO🐾SHIBARMY JPN🇯🇵 (@kuro_9696_9696) April 30, 2024
Following the listing, SHIB experienced a momentary surge, with its price briefly reaching ¥0.016666 (approximately $0.00011). This represented a staggering 360% increase from the opening trading price of the pair.
A prominent Japanese Shiba Inu community member, KURO, documented the surge on social media, further fueling the buzz.
However, the jubilation proved short-lived. The price quickly stabilized at a much lower point, ¥0.003741 (around $0.000024), highlighting the volatility inherent in the cryptocurrency market. While the initial spike generated excitement, it’s crucial to remember that such surges are often fleeting and don’t necessarily translate to long-term growth.
一瞬だけSHIB 0.016666円😁#柴犬コイン #シバイヌコイン https://t.co/asKUDx4Omu pic.twitter.com/DeBtIV9iYw
— KURO🐾SHIBARMY JPN🇯🇵 (@kuro_9696_9696) April 30, 2024
Can SHIB Maintain Its Footing? A Look Beyond The Listing
The impact of the Binance Japan listing on SHIB’s long-term price trajectory remains to be seen. While it undoubtedly increased accessibility for Japanese investors, several factors will determine the coin’s future performance.
The cryptocurrency market itself is currently facing headwinds. Bitcoin, the world’s leading cryptocurrency, has seen a significant price correction in recent months, dragging other digital assets down with it. SHIB’s fate is likely intertwined with the overall market sentiment.
Total crypto market cap currently at $2.14 trillion. Chart: TradingView
The success of the Shiba Inu development team’s ongoing projects, such as the Shibarium Layer 2 blockchain and token burning initiatives, could significantly impact the coin’s value proposition. If these projects gain traction and deliver on their promises, they could attract more investors and drive up demand for SHIB.
SHIB price action in the last day. Source: Coingecko
SHIB price action in the last day. Source: The Rise Of Litecoin As A Fiat Onramp
Interestingly, the increased focus on fiat-to-crypto gateways like the SHIB/JPY pair coincides with the growing popularity of Litecoin (LTC) as a method to buy other cryptocurrencies. Unlike Bitcoin, Litecoin boasts faster transaction times and lower fees, making it an attractive option for investors seeking a smoother entry point into the crypto market.
Whether LTC can capitalize on this trend and establish itself as a preferred fiat onramp remains to be seen, but it presents an alternative pathway for those hesitant about the volatility associated with direct fiat-to-meme coin purchases.
Featured image from Pexels, chart from TradingView
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