After months of consideration, leading Middle Eastern cryptocurrency trading platform Rain has listed the meme-inspired cryptocurrency Shiba Inu ($SHIB). Shiba Inu’s liquidity will be boosted by the listing, which comes at a time when token burns are on the rise within its community.
Rain began exploring listing the cryptocurrency in March, according to CryptoGlobe. The exchange’s backend had already been prepared to trade the coin, according to a representative at the time. SHIB is a relatively new addition to the exchange.
Residents of Bahrain, Oman, Saudi Arabia, Kuwait, the United Arab Emirates, Turkey, Pakistan, and other countries can trade on Rain. According to reports, it was Bahrain’s central bank’s first bitcoin exchange.
The listing comes at a time when members of the Shiba Inu community have requested the construction of a donation gateway to complement the existing burn portal. Users who burn tokens receive “burntSHIB” tokens via the burn portal, which can be staked to earn RYOSHI tokens, a different token in the SHIB ecosystem.
Over 28.4 billion SHIB have been destroyed thus far, with users earning an APR of around 13% for deleting tokens. Burning tokens is a common practise among projects to limit circulating supply, which, if met with similar or increased demand, could result in a price increase for the token. Token burns have long been favoured by the SHIB community.
Other notable listings for the meme-inspired cryptocurrency this year include Robinhood, a retail-focused commission-free stock and crypto trading platform with which the community has fought for months. Shortly after it was featured on the commission-free trading site, along with Polygon (MATIC), Compound, and others, the trading volume of the meme-inspired cryptocurrency skyrocketed skyward (COMP).
Read more: BitMEX delists Luna Perpetual Futures
