Samsung-backed cryptocurrency wallet service ZenGo has announced it added the meme-inspired cryptocurrency Shiba Inu ($SHIB) to its platform. The move allows ZenGo users to buy, send, receive and trade SHIB.
ZenGo is a keyless, non-custodial cryptocurrency wallet that allows users to control their cryptoassets with the help of 3D facial biometrics. Earlier this year the firm raised $20 million in a Series A funding round there the venture capital arm of Samsung was one of the most notable investors.
In a blog post, ZenGo published, it noted that Shiba Inu supporters helped the price of the cryptocurrency skyrocket this year, writing:
The devoted fanbase, affectionately known as the SHIB Army, has helped rocket SHIB from relative obscurity to the 11th largest cryptocurrency as of this writing: As an ecosystem, it is currently valued at about $28 billion dollars!
The post adds that the Shiba Inu developer community was committed to making the cryptocurrency more than a meme, and earlier launched ShibaSwap, a decentralized exchange allowing SHIB token holders to trade, stake, and earn interest on their holdings.
The post references leading U.S. movie theater chain revealing it will add payments in the meme-inspired cryptocurrency in 60 to 120 days, according to the company’s CEO Adam Aron, who revealed the move on social media.
As CryptoGlobe reported, data has shown that around 71% of those holding onto their SHIB holdings are currently in a state of profit, while around 17% are down on their investment. Shiba Inu’s price exploded this year amid a retail trading frenzy that supported most meme-inspired cryptoassets.
The trading frenzy led to a price rally that allow a SHIB investor to turn an $8,000 bet in the cryptocurrency into a stash that was at one point worth $5.7 billion. Shiba Inu has become the third-most Googled cryptocurrency so far this year, although its price was found to be heavily influenced by SHIB whales.
As reported, digital asset-focused research firm Delphi Digital has revealed that historically dog coins, meaning cryptocurrencies inspired by the popular Shiba Inu meme, have historically been “a pretty good indication of an overheated market.”
The firm pointed out that from April to May of this year and in early September dog coins were “all the rage and quickly crated as crypto markets cooled off or saw a fairly deep de-leveraging.”
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