India’s largest cryptocurrency Exchange, CoinSwitch Kuber, with an estimated 15 million users, has listed the meme-inspired cryptocurrency Shiba Inu ($SHIB) on its platform, at a time in which the official SHIB Twitter account revealed $BONE will be used for gas fees in Shibarium.
According to an announcement made on social media and to the exchange’s users, $SHIB was listed on CoinSwitch amid growing demand from users, who can now buy, sell, and hold the meme-inspired cryptocurrency on the platform.
According to The Economic Times, over the last 18 months, CoinSwitch has listed over 80 different cryptoassets after conducting due diligence on each one of them and has been working to make investing in cryptocurrencies safer in India.
CoinSwitch, the news outlet adds, keeps investor protections at the forefront even as it continues to grow the number of assets it offers. To help users manage the risk associated with cryptocurrency investments it announced the launch of a “Riskometer” that warns them about the volatility of specific assets and the risk associated with investing in them.
Ashish Singhal, CEO and founder of CoinSwitch, was quoted saying:
The demand for Shiba Inu has only grown and many of our users have been asking us to list the coin on the Exchange. Even as we cater to this demand, as a responsible exchange, we have built guardrails to protect our investors.
Shiba Inu has notably been listed on most leading centralized cryptocurrency trading platforms including Coinbase, Binance, and FTX. The cryptocurrency has this year grown to become one of the largest in the space by market capitalization.
Its community has launched a petition asking commission-free trading platform Robinhood (NASDAQ: HOOD) to list the cryptocurrency on its platform. The petition, titled “Kindly request of Robinhood to list Shiba Inu coin,” has at the time of writing over 550,000 signatures and is looking to get to one million. In mid-October, the petition had around 240,000 signatures.
$BONE to Be Used for Gas on Shibarium
The listing on CoinSwitch comes at about the same time the Shiba Inu team announced that the $BONE token is set to be used to pay for gas fees on Shibarium.
Shibarium, according to Shiba Inu’s whitepaper is the “the next development of SHIB’s ecosystem. It will give SHIB its own blockchain with a lot of benefits of crypto 2nd generation including speeding transactions, eco-friendly PoW system for authentication, self-management storage per size in the blockchain and full governance.”
The use of $BONE for transaction fees may mean that $SHIB’s circulating supply will eventually drop, which could mean a price appreciation if demand keeps rising while supply drops. As one user on social media pointed out, users can stake SHIB to earn BONE on ShibaSwap.
As demand for BONE grows, more SHIB could eventually be staked, effectively taking more tokens out of circulation.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured image via Unsplash