- BitTrade, a top Japanese crypto exchange, is set to list Dogecoin and Shiba Inu on October 18th.
- The introduction of these memecoins brings BitTrade’s total crypto asset offerings to 34.
BitTrade’s Strategic Embrace of Memecoins
In an assertive nod to the evolving crypto landscape, BitTrade, a prestigious crypto exchange based in Japan, has green-lighted the inclusion of two high-profile memecoins: Dogecoin (DOGE) and Shiba Inu (SHIB). This move is a testament to the platform’s commitment to adapt and cater to the diverse interests of its user base.
Understanding the Meme Phenomenon in Crypto
For those unfamiliar, a memecoin is essentially a cryptocurrency conceived around trending internet memes or jokes. Their emergence, often hinged on pop culture references like dogs, celebrities, or current events, is not typically backed by a profound use case or tangible project. Despite their whimsical origins, certain memecoins, like Dogecoin and Shiba Inu, have carved notable niches in the crypto market.
Dogecoin‘s journey, which commenced in 2013 as a light-hearted jest by software engineers Billy Markus and Jackson Palmer, transitioned into a formidable crypto force. It magnetized high-profile endorsements, most notably from tech magnate Elon Musk, fondly referred to as the “Doge Father.” Musk’s fervent advocacy for Dogecoin culminated in symbolic gestures like the modification of the Twitter logo following his acquisition of the platform, propelling DOGE’s valuation by over 30%.
Currently, this frontrunner memecoin is priced at $0.06, commanding the pinnacle in the memecoin market cap hierarchy.
In close pursuit is Shiba Inu, a 2020 creation of an anonymous figure, Ryoshi. Drawing its name and imagery from the Shiba Inu dog breed native to Japan, this memecoin quickly garnered immense investor appeal. As of now, SHIB’s valuation stands at a modest $0.000007, yet its market cap stature is the second-highest among memecoins.
The incorporation of DOGE and SHIB by BitTrade comes at a pivotal juncture. The memecoin domain recently grappled with a dip in trading enthusiasm, shedding around $500 million in trading volume. However, BitTrade’s decision might be reflective of a broader revival sentiment in the memecoin market.
By assimilating these tokens on October 18th, BitTrade not only enriches its platform offerings to a total of 34 crypto assets but also magnifies the ongoing resonance of memecoins in the evolving crypto narrative.