With a devoted fanbase, the meme coin Shiba Inu (SHIB) saw a frenzy of activity in the Japanese market this week. The stimulus is Initially sending the price skyrocketing, the introduction of a new SHIB/JPY trading pair on Binance Japan caused upheaval.
Shiba Inu Soars On Binance Listing, But Briefly
Binance Japan revealed on April 30th that the SHIB/JPY pair will be included to its spot trading system. This action eliminated the need for currency exchanges by giving Japanese investors a practical means to trade SHIB straight with their yen. The Shiba Inu community, especially in Japan where the coin with dog motif maintains a large following, greeted the news with enthusiasm.
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 had a brief boom, with its price momentarily rising to ¥0.011966, roughly $0.00011. From the pair’s starting trade price, this showed an astounding 360% rise.
KURO, a well-known member of the Shiba Inu community from Japan, recorded the explosion on social media, therefore adding more buzz.
The excitement, though, was fleeting. The price rapidly settled at a far lower point, ¥0.003741 (around $0.000024), so underlining the volatility in the bitcoin market. Although the first surge created buzz, it’s important to keep in mind that these waves are usually ephemeral and do not always result in long-term development.
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
It is yet unclear how the Binance Japan IPO would affect SHIB’s long-term pricing path. Although it surely made Japanese investors more accessible, various elements will decide the coin’s future success.
The market for cryptocurrencies itself is up against challenges right now. Leading cryptocurrency in the world, Bitcoin has witnessed a notable price drop recently, pushing down other digital assets too. The general attitude of the market probably determines SHIB’s future.
Total crypto market cap currently at $2.14 trillion. Chart: TradingView
The value proposition of the coin might be much changed depending on the success of the continuous projects of the Shiba Inu development team, including token burning campaigns and the Shibarium Layer 2 blockchain. Should these initiatives take off and live up to their promises, they could draw more capital and increase SHIB demand.
SHIB price action in the last day. Source: Coingecko
The Rise Of Litecoin As A Fiat Onramp
Fascinatingly, the rising popularity of Litecoin (LTC) as a means of purchasing other cryptocurrencies corresponds with the more attention on fiat-to- cryptocurrency gateways like the SHIB/JPY pair. For investors looking for a more seamless entrance into the crypto market, Litecoin appeals more than Bitcoin since it has faster transaction times and less fees.
Though it offers a different route for individuals wary of the volatility connected with direct fiat-to–meme currency purchases, LTC can profit on this trend and establish itself as a preferred fiat onramp remains to be seen.
Featured image from Pexels, chart from TradingView
