Shiba Inu Listed on South African Exchange, Giving Customers Access to Thousands
Shiba Inu is now available as a ZAR trading pair on South African cryptocurrency platform VALR. This enables thousands of VALR users to purchase and sell Shiba Inu in South African Rand.
SHIB therefore joins the ranks of BTC, ETH, XRP, SOL, and BNB as ZAR exchange pairs, letting users to trade SHIB directly with ZAR.
VALR, which began operations in 2019, now has over 250,000 retail customers, the majority of whom are based in South Africa, as well as 500 institutional customers. VALR announced a $50 million Series B equity fundraising round in March, headed by Pantera Capital and included Alameda Research, Coinbase, and others. VALR intends to use the funds to grow into more African nations as well as developing markets such as India.
“Fetching New Grounds! A Growth Breed Report,” a recent Shiba Inu official blog article detailed the SHIB project’s success over the last year. SHIB was listed on over 100 cryptocurrency exchanges, including Coinbase, Binance, Kucoin, Huobi, Voyager, Crypto.com, and Kraken, according to the study.
Shiba Inu was one among the top gainers on Tuesday’s cryptocurrency markets, after Robinhood’s addition of the meme coin to its range of cryptocurrency products.
Profitability of the Shiba Inu increases dramatically
According to IntoTheBlock statistics, the profitability of Shiba Inu (SHIB), the second biggest meme cryptocurrency, grew to 43% from 36% earlier this year. Shiba Inu is now trading at $0.00002643, down from its April 12 high of $0.00003.
Shiba Inu whales were on their toes in the preceding 24 hours, according to IntoTheBlock statistics, with a 508 percent spike in major transactions. Large transaction spikes are usually connected with increased activity by institutional buyers and sellers, or whales. According to IntoTheBlock, these trades totaled over $100,000.