Nexo, a leading and trusted lending institution in the digital finance industry, has joined the long list of crypto trading platforms to support Shiba Inu (SHIB).
The licensed and registered digital assets institution listed SHIB on its platform on Tuesday, as revealed by the company in an X (Twitter) post.
The positive development elicited several bullish sentiments on the mid-cap crypto token as community members expect SHIB’s listing on Nexo to potentially boost its exposure and price.
However, SHIB recorded no significant gain following the latest listing update. Trading for $.00002279, the token has declined by over 4% in the past 24 hours at press time. Meanwhile, its current price translates to an 8% increase in the past seven days.
Notably, SHIB’s listing on Nexo comes shortly after Robinhood expanded Shiba Inu trading to New York State residents.
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Nexo commends Shiba Inu’s growth
Alongside the listing announcement, Nexo discussed the rapid growth of the canine-themed token, highlighting ShibaSwap as the cornerstone of the Shiba Inu project. Launched in July 2021, ShibaSwap is a Shiba Inu-powered decentralized exchange that allows users to engage in several DeFi activities such as token swapping and yield farming.
In particular, the lending institution noted that Shiba Inu has transitioned from the memecoin narrative to becoming a full-fledged blockchain ecosystem.
Notably, SHIB was launched as a playful meme token in August 2020 by an anonymous individual or group of people with the pseudonym Ryoshi. Over the years, the project has grown in community strength, ecosystem projects, global adoption and exchange price, reaching an all-time high above $0.00008 in 2021.
Courtesy of the community-adopted lead developer Shytoshi Kusama, Shiba Inu has launched several innovative projects to boost SHIB’s utility. The most notable projects include ShibaSwap, SHIB Metaverse and Shibarium.
Read Also: Can Shiba Inu reclaim $0.00005 after community members burned over 1.6 billion SHIB in April?
Launched in August 2023, Shibarium is a layer 2 blockchain designed to make the Shiba Inu network highly scalable and cost-friendly. Shibariumscan data shows that the Shibarium network has surpassed 417 million in total transactions, with over 1.7 million wallet addresses connected to the L2 network as of May 2024.
Moreover, the team secured a $12 million funding to build a layer 3 blockchain focused on privacy. In the same month, Shiba Inu partnered with the Content Delivery and Security Association (CDSA) to tackle AI-driven concerns, including deepfake and plagiarism.
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