Coinone, one of South Korea’s leading cryptocurrency exchanges, has announced the listing of Shiba Inu (SHIB) on its platform. The announcement marks a significant milestone for the meme coin, expanding its reach to South Korean traders and potentially boosting its liquidity.
The Shiba Inu cryptocurrency project, rooted in the popular Shiba Inu dog meme, presents itself as a rival to Dogecoin and runs on the Ethereum blockchain. The Shiba Inu (SHIB) ecosystem comprises three unique tokens, each serving a particular purpose within the project.
SHIB, as the main token, acts as a decentralized, community-driven currency that is accessible to millions of users around the world. Having launched on the Ethereum blockchain in late 2020, SHIB has since gained global attention and can be used for payment at various locations, either directly or through intermediary services.
BONE serves as the governance token in the ecosystem, with a total supply of 250 million. BONE enables the Shib Army to participate in decision-making by voting on proposals through the Doggy DAO. Additionally, BONE establishes the groundwork for Shibarium, Shiba Inu’s own Layer 2 network.
The third token, LEASH, has a limited supply of 107,646 and offers exclusive benefits to dedicated supporters of the ecosystem. LEASH holders have experienced advantages such as increased BONE rewards for providing liquidity to ShibaSwap, exclusive rights to mint Shiboshi NFTs, and priority access to land sales within the “SHIB: The Metaverse project.”
Coinone is a South Korea-based cryptocurrency exchange that was established in 2014. It is one of the largest crypto exchanges — one of “The Big Four” — in South Korea and offers a variety of services related to cryptocurrencies.
Here are some key points about Coinone:
- Trading Pairs: Coinone offers a variety of trading pairs, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and many others. The exchange supports trading in Korean Won (KRW), which makes it a popular choice for South Korean traders.
- Security: Coinone places a high emphasis on security. It uses multi-signature wallets to ensure the safety of user funds and employs various other security measures to protect against hacks and unauthorized access.
- Regulation: Coinone is fully regulated in South Korea and complies with all local laws and regulations related to cryptocurrency trading. This includes full compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements.
- User Interface: Coinone’s platform is known for its user-friendly interface, which makes it easy for both beginners and experienced traders to use.
- Fees: Coinone charges a trading fee that varies depending on the user’s trading volume. The fee structure is tier-based, with lower fees for higher trading volumes.
In a recent announcement on its website, Coinone outlined the following schedule for SHIB trading:
- Deposits opened on July 19, 2023, at 10:00 am.
- Withdrawals opened on the same day at 2:00 pm.
- Sales began at 2:00 pm, with purchases starting five minutes later at 2:05 pm.
- Market price reservation opened at 3:00 pm.
The base price for SHIB was set at KRW 0.0099, and the withdrawal fee was established at 101,010 SHIB.
Currently (as of 7:45 a.m. UTC on 23 July 2023), SHIB is trading at around $0.00000800, down 1.05% in the past 24-hour period.