Highly popular meme-inspired cryptocurrency Shiba Inu ($SHIB) has landed in Mexico, getting listed on one of its most popular crypto exchanges.
Here is what crypto payment processor said about the Shiba Inu project last month when it announced in a blog post that $SHIB fans would finally be able to “buy, store, swap and spend with this Ethereum ERC-20 token directly in the BitPay app“:
“Anonymously created in August 2020, the decentralized meme token is another token inspired by the Japanese dog breed Shiba Inu. The token has recorded the greatest increase in value and popularity in 2021 of all the cryptocurrencies thanks to its community of supporters, the SHIBArmy.
“Unlike other cryptocurrencies, SHIB was built with a total supply of one quadrillion, so investors of SHIB can hold up to trillions in their wallets. The token has evolved into the Shiba Inu ecosystem called ShibaSwap, a decentralized exchange on the Ethereum network. SHIB has two sibling tokens, Leash and Bone.“
Bitso, which launched in 2014, was the firtst crypto exchange in Mexico, and today 9t is one of the leading crypto exchanges in Latin America. It is also a key exchange partner of Californian FinTech Firm Ripple
This is how Bitso annunched the listing of $SHIB on its trading platform earlier today:
With this listing, $SHIB becomes the 16th cryptoasset supported by Bitso:
It is worth noting that in the above tweet, Bitso linked to a blog post it published on January 6 that talked about the pros and cons of investing in meme-based cryptoassets.
These were the key take aways:
- “Memecoins offer potential for massive gains, but that potential comes at significant risk of massive losses.
- Memecoins offer a sense of belonging through their bustling and welcoming online communities.
- Given the lack of regulation and speed with which these projects pop up, scams are very common and there are little to no protections in place to shelter investors.
- Users are advised to proceed with extreme caution when investing in memecoins.“
According to data by CryptoCompare, $SHIB is currently (as of 6:30 a.m. UTC on January 12) trading around $0.00002861, up 6.75% in the past 24-hour period.
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.