On January 18, the crypto platform announced that it is adding the ability to trade “meme” cryptocurrency in pairs to the South Korean won.
The Shiba Inu (SHIB) cryptocurrency exchange rate rose by 19.9% in 2.5 hours after the Korean crypto exchange Upbit , published a message about adding the ability to trade the “meme” token in pair with the South Korean won (KRW). The price of SHIB increased from $0.00001074 to $0.00001288.
韓国で最も人気のある取引所の1つであるUpbitで、#SHIB と韓国ウォンでの直接取引が可能になりました👍https://t.co/tNyoP61Oxi
— KURO🐾SHIBARMY JPN🇯🇵 (@kuro_9696_9696) January 18, 2023
The token on the Ethereum blockchain is named after Shiba Inu dogs. The goal of the developers of the cryptocurrency was to “overtake” the competitor Dogecoin in terms of market capitalization. So far, the goal has not been reached: SHIB ranks 15th on this list ($7.3 billion), and DOGE is in 9th place ($12 billion).
Trading on Upbit in the KRW/SHIB pair started , the coin is trading near the $0.00001232 mark, the daily growth, according to CoinGecko, is 16.4%.
Also on the South Korean exchange, trading in the Galxe (GAL) cryptocurrency was opened in pair with bitcoin. The Galxe project is a decentralized account network. The platform provides an infrastructure for the open and shared use of user credentials across Web3 projects.
Shiba Inu & Gala Enter South Korean Market With Upbit | #crypto #nft #newslab https://t.co/fzjH8Ch0bu
— newslab.eth 🗞️ (@newslab_eth) January 18, 2023
The cost of GAL increased in the first two hours after the news – from $1.57 to $1.79 (by 14%). Over the past day, the coin has risen in price by 20.1% to $1.86.
The announcement draws attention to the fact that Upbit only supports SHIB and GAL tokens in the ERC-20 standard (Ethereum network). Depositing these cryptocurrencies through other networks, such as BNB Smart Chain (BSC), is not possible.
The growth of the SHIB rate in recent days – the coin has risen in price by 34% over the week – also takes place against the backdrop of the news about the imminent launch of the Shibarium test network. The new blockchain aims to provide scalability, faster transactions, lower fees, and greater opportunities for developers in the Shiba Inu ecosystem.
