The global crypto spot exchange and derivatives trading platform, OKEx has extended support for Shiba Inu Network – an experimental DeFi project that gained unexpected popularity. According to the announcement, the project’s first native crypto asset SHIB also referred to as the “meme coin” became available for trading on May 10, 2021 on OKEx. The latest development makes OKEx the first major exchange to list SHIB.
Following the listing, traders on OKEx can now trade SHIB against USDT on spot and perpetual swap markets. The name “Shiba Inu” is a well-known breed of hunting dog that is native to Japan and also the mascot of Dogecoin. The Shiba Inu network originally started as an experiment to create spontaneous decentralized community with virtually zero marketing cost or initial token generation has grown rapidly to become a full-fledged DeFi ecosystem complete. Its popularity is reflected by the demand for SHIB, putting it on the list of top 30 cryptocurrencies in terms of market capitalization.
Due to its connection with the dog and the sudden surge of interest in DOGE during the past few months has gained SHIB the moniker “Dogecoin Killer”. SHIB is an ERC-20 standard token which was launched on Uniswap. In the interest of fair distribution, the creators of SHIB launched 50% of the total token supply on Uniswap and burnt the remaining half in honor of Vitalik Buterin — one of the co-founders of Ethereum.
Welcoming SHIB onboard, CEO of OKEx Jay Hao said, “We are pleased to welcome Shiba Inu to the OKEx platform. I appreciate their experimental spirit, which is exactly what the blockchain and crypto space needs. As an exchange, we are delighted to be able to offer a diverse portfolio of cryptocurrencies, including memetic tokens, to allow a comprehensive investment experience for our valued customers. The Shiba Inu community has been gaining strong momentum from the weekend deposits, and we look forward to witnessing its robust development. We are happy to be the first major exchange to offer SHIB to open the crypto gateway to these enthusiasts.”
Currently, the SHIB ecosystem comprises of multiple DeFi products including ShibaSwap, Fun Tokens and Artist Incubator. Also, SHIB is the first token to be listed on ShibaSwap – Shiba Inu network’s own decentralized exchange.