Shiba Inu Trading Launches on Backpack Exchange

SHIB Struggles as Support Crumbles: Is a Rebound on the Way?

Backpack, a British Virgin Islands-regulated crypto exchange and wallet provider, has announced that Shiba Inu (SHIB) trading is now live on its platform. The exchange made this announcement in a tweet, specifying that trading for the canine-themed token began today at 10:00 AM (UTC).

Backpack has paired Shiba Inu with Circle’s stablecoin (USDC). However, the exchange did not mention whether it has enabled deposit and withdrawal services for SHIB. Despite this, the launch marks a significant addition to Backpack’s offerings.

Backpack Exchange Overview

Launched in 2023, Backpack is a next-generation exchange that facilitates buying and selling of various crypto assets, including Bitcoin (BTC), Ether (ETH), Solana (SOL), and dogwifhat (WIF). Operating globally, including regions in Africa and Europe, Backpack is registered in the British Virgin Islands. 

Related article: Shiba Inu Experiences Meteoric 500% Surge in Burn Rate, Igniting Anticipation of Price Surge

With the addition of Shiba Inu, Backpack now supports 25 crypto assets, all paired against USDC. Backpack currently boasts a 24-hour trading volume of $27.88 million, marking a 58% daily increase. The most active trading pair on the platform is SHFL/USDC, which has a 24-hour volume of $18.06 million. 

Related article: Shiba Inu: K9 will burn 410M KNINE to honor Buterin’s SHIB burn.

However, since Shiba Inu trading went live, users have only traded $59.51 worth of SHIB on the platform. This low volume is not enough to impact SHIB’s price, which was trading at $0.00002407, representing a 24-hour decline of 0.35%.

Growing Presence Of Shiba Inu On Exchanges

The listing on Backpack further extends Shiba Inu’s reach to more crypto enthusiasts. Before this, several exchanges, including Binance Japan, had listed SHIB. The listing on Binance Japan triggered a brief surge of 360%, with SHIB’s price hitting $0.00011.

Last month, Nexo also listed SHIB after persistent demands from the Shiba Inu community. Nexo confirmed the listing by releasing an educational piece on the token. As Shiba Inu continues to gain prominence, more exchanges are expected to list the asset.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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