Shiba Inu gets listed on eToro as demand for SHIB skyrockets
- eToro announces the listing of Shiba Inu in response to rising demand from traders.
- Shiba Inu price is likely to rally from increasing demand, as it is available to over 20 million registered eToro users.
- Created as an alternative to Dogecoin, SHIB is leading the surge in the number of traders on exchanges like Crypto.com.
Leading investment platform eToro has been adding cryptocurrency assets on popular demand from users. The Dogecoin killer recently amassed 600,000 holders despite range-bound price action.
eToro lists Shiba Inu, likely to trigger a price rally
Ethereum-based Shiba Inu is the top pick for crypto traders on exchanges like Crypto.com.
Based on data from Crypto.com, listing Shiba Inu in May 2021, among other altcoins, drove a 54% rise in the number of crypto traders on the exchange. In June 2021, there were 221 million users compared to 132 million at the end of April 2021.
The Shiba Inu coin was created as an alternative to the popular meme coin Dogecoin (DOGE), and the ecosystem supports the development of decentralized exchange (DEX) Shibaswap.
With the eToro listing, demand for Shiba Inu (SHIBxM) is set to increase further. The crypto is represented on the eToro platform as Shiba (in millions), equivalent to ‘a lot’ of one million Shiba Inu units.
‘A lot’ refers to a unit of a financial instrument traded on an exchange platform, and its size could vary depending on the exchange.
eToro offers users the opportunity to invest any number of lots of their choosing at or above the minimum investment size, which is currently $25.
Shiba Inu is not currently included in any CopyPortfolios at launch. The eToro investment team rebalances portfolios at regular intervals, and if deemed appropriate at a later time, SHIBxM may be added to CopyPortfolios.
Depending on local regulations, eToro has offered investors the opportunity to buy non-leveraged positions in SHIBxM.
Shiba Inu demand has skyrocketed, and that is likely to reflect in the coin’s price action. At the time of writing, the price is up 7% in the past ten days. Once eToro opens SHIBxM to copy trading, it is likely to rally further.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
