Korean crypto exchange Bithumb announced the listing of a new trading pair for the Shiba Inu token, SHIB. According to the announcement, the token can now be traded against the republic's national currency, the South Korean Won.
The expansion of SHIB's trading capabilities on Bithumb comes a month after another major Korean cryptocurrency exchange, Upbit, listed Shiba Inu token against KRW. However, this pair on Upbit is already the eleventh largest in terms of trading volume on the entire exchange with $57 million, according to CoinMarketCap. In comparison, Dogecoin (DOGE) is only $3 million ahead, while Ethereum (ETH) is $22 million lower.
South Korea and cryptocurrencies
The phenomenon of Korean crypto trading was rediscovered when the Aptos token, APT, rose 385% in January this year, not least thanks to multi-billion dollar trading on Upbit. As a result, what Korean retail investors are betting on has become something of an indicator of the crypto market.
At the same time, other market players have gained insight into the potential of Korean investors and recognized them as a force on the market.
For Shiba Inu and its token, this means that with a new listing against Korea's national currency on yet another exchange, it has advanced and expanded even further in a booming, highly liquid market. SHIB currently trades at 0.0174 KRW per token.