In a major development for the popular meme-inspired cryptocurrency, Shiba Inu (SHIB) has secured a new listing on Coinone, one of South Korea's largest crypto exchanges. This strategic move is expected to amplify SHIB's presence in Asia and significantly boost its trading volume.
Coinone officially commenced SHIB token trading yesterday, offering users the opportunity to trade the token against the Korean won. The exchange's decision to list SHIB comes after its successful listing on larger Korean exchanges Bithumb and Upbit earlier this year.
The significance of this listing lies in Coinone's status as one of the most notable exchanges in the region, ranking third in size among Korean crypto platforms. According to CoinMarketCap, Coinone's trading volume exceeds an impressive $64.5 million.
Coinone's solid nine-year tenure on the market adds further credibility to SHIB's adoption on the platform. As an established player on the South Korean market, Coinone offers a stable trading environment for Shiba Inu enthusiasts. Moreover, the exchange's openness to clients from across Asia is expected to widen the token's reach and establish its foothold in the region.
The new listing has already proven its impact on the trading volume of SHIB on Coinone, with the token securing the 21st spot in terms of trading volume on its first day of trading, recording an impressive $105,826 in turnover. This compares favorably to SHIB's performance on other exchanges, where it ranks 66th on Upbit with a turnover of $2.13 million and a lower 133rd position on Bithumb, recording a trading volume of just $65,105.
However, when it comes to centralized exchanges, one must not forget: It's not your keys, it's not your crypto.