One of the world’s largest cryptocurrency trading platforms, Bybit, has announced the listing of the meme-inspired cryptocurrency Shiba Inu ($SHIB), which is now listed on most major cryptoasset trading platforms.

According to an announcement from Bybit on social media, the meme-inspired cryptocurrency is now trading against Tether’s USDT stablecoin. The new listing is a spot trading pair.

Bybit, it’s worth noting, sees most of its trading volume come from derivatives products. In October, the platform had already added SHIB futures contracts allowing traders to take positions on the cryptocurrency with up to 25x leverage.

Shiba Inu’s adoption has been steadily growing over the last few months, to the point the number of addresses holding SHIB on the Ethereum blockchain recently surpassed the one million mark. According to blockchain data, 30,000 to 40,000 new addresses have been adding SHIB on a daily basis.

It’s worth noting the one million figure only reflects wallets on the Ethereum blockchain and not individual holders. One SHIB holder can, for example, hold dozens of wallets, while another wallet can have the funds of thousands of holders if they custody their funds on an exchange, for example.

Exactly how many people hold $SHIB isn’t known, although some believe that there may be more users on cryptocurrency exchanges than on the blockchain. Top trading platforms like Binance, Coinbase, Huobi, FTX, and Gemini have all listed the meme-inspired cryptocurrency over time.

On social media, Bybit has meanwhile signalled that it’s looking to list other meme-inspired cryptocurrencies. In a poll it posted on the microblogging platform Twitter, out of over 118,900 respondents 30% have voted for Kuma Inu ($KUMA), while 26.3% voted for BABYDOGE and 23.8% for Floki Inu ($FLOKI). Around 19.4% voted for Kishu Inu ($KISHU).

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 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 Pixabay