Shiba Inu Is The First Crypto Unicorn In India With Over 3.5 Million Users.

Shiba Inu Is The First Crypto Unicorn In India With Over 3.5 Million Users.

2021-11-14 | Big Bob

Shiba Inu Is The First Crypto Unicorn In India With Over 3.5 Million Users.

Shiba Inu (SHIB), a famous meme-inspired cryptocurrency, has been launched on the Indian cryptocurrency trading platform CoinDCX's retail-friendly platform. SHIB was previously exclusively available in trade-only mode on the professional-oriented CoinDCX Pro platform. The listing took place earlier on Friday, November 12th, according to a tweet from CoinDCX. CoinDCX is aiming to sign up 50 million users in India, with over 3.5 Million Presently registered. After obtaining $90 million in a fundraising round sponsored by B Capital, a venture capital fund founded by Facebook co-founder Eduardo Saverin, CoinDCX became India's first unicorn cryptocurrency startup, with a valuation of over $1 billion. SHIB was published last month on India's oldest cryptocurrency trading site Zebpay, which said it "motivated millions of people across the world to finance and support a coin with a doggo's picture on it." This year, the price of Shiba Inu soared because of a retail trade craze centered on meme coins. With 2.8 million average monthly searches, SHIB is the third most Googled cryptocurrency so far this year. It momentarily eclipsed Ethereum, the second-largest crypto asset by market value, in terms of the trading volume. Despite its recent price fall, Johnny Lyu, the CEO of famous cryptocurrency trading site KuCoin, has stated that the meme-inspired cryptocurrency is worth keeping over the long run. Retail investors, according to Lyu, are "extremely enthusiastic about such coins and are determined to drive values higher." Despite Shiba Inu's recent drop, Lyu stated that he intends to retain the cryptocurrency, as well as bitcoin and DOGE, for the long term. According to him, BTC might operate as an inflation hedge, whereas meme tokens symbolize the strength of their communities. Notably. According to Delphi Digital, a digital asset analysis organization, dog coins, or cryptocurrencies based on the popular Shiba Inu meme, have traditionally been "a very solid signal of an overheated market."

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