Shiba Inu (SHIB) Abruptly Jumps 8%

Following a sudden growth by 8%, Shiba Inu (SHIB) is now overtaking nearly all of the top 100 crypto coins in terms of performance, as per data collected from CoinMarketCap, a data-ranking site owned by Binance. Only a handful of crypto coins have managed to stay ahead of SHIB by securing greater gains in the last 24 hours, namely Kadena (KDA), Oasis Network (ROSE), and Quant (QNT), which managed to post double digit gains in the last 24 hours.

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Shiba Inu Listed for Trading on Cryptocurrency Exchange Site Bitstamp

Bitstamp, a global cryptocurrency exchange platform, will soon permit its users to trade Euros and USD for the meme coin Shiba Inu. This decision is especially notable as it reinforces the growing trend of Shiba Inu’s acceptance on a global scale, with Bitstamp adding to the growing list of companies that have begun to accept the dog-themed meme coin Shiba Inu, which was initially launched as a mocking imitation of Dogecoin. Bitstamp users will now be permitted to withdraw and deposit their assets in the meme coin Shiba Inu. As of now, the trading rate of SHIB is $0.00003672/token, which is owned by 1,044,066 wallets, according to data from CoinMarketCap.

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Crypto Derivatives Exchange Bybit Lists Shiba Inu for Spot Trading

Bybit, a cryptocurrency derivatives exchange based in Singapore, has now made Shiba Inu open for spot trading on its site. It had previously added the derivatives pair SHIB1000/USDT to the platform in October, which gave users up to 25 times leverage when trading the crypto coin while using the stablecoin Tether as collateral. In July, Bybit had extended its support for spot trading, starting with four crypto coins – Bitcoin, EOS, XRP, and Ethereum.

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DeFi Growth Causes Avalanche to Overtake Dogecoin and Shiba Inu

While the general market for cryptocurrency has been exhibiting bearish tendency over the last couple of weeks, Avalanche (AVAX), which is one of the best performing cryptocurrencies of 2021, has finally made its first appearance in the top ten list. AVAX has excelled in performance over the last seven days. In terms of value, it has added over 38%, with a new all time high of $144 a couple of days ago. It surpassed the market cap of Dogecoin.

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Avalanche Reaches Record High, Crosses Shiba Inu

The smart contract platform Avalanche’s cryptocurrency token, Avalanche (AVAX), yet again reached a record high of $138 on the Binance exchange as of 8:03 am UTC. With this increase, AVAX – nicknamed the “Ethereum killer” – has now crossed by market capitalization the meme coin Shiba Inu, standing at rank 11 on CoinMarketCap, the crypto coin ranking site.

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Bitcoin, Shiba Inu, Ether, Other Crypto Coins Plummet

Cryptocurrency values today saw a massive decrease with Bitcoin trading at less than $63,000. Bitcoin, with the largest market capitalisation, happens to be the most popular cryptocurrency in the world. The coin, at $62,054, fell more than 6% after having recently reached a record high of nearly $69,000. Bitcoin’s year-to-year growth has been over 114% till date.

The Ethereum blockchain associated crypto coin Ether, which happens to rank second after Bitcoin in the hierarchy of cryptocurrencies, also went down over 6% and stood at $4,400. Benefitting from Bitcoin’s popularity and whispers about more widespread blockchain acceptance, Ether had reached close to a record high in trading.

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Shiba Inu Listed on Crypto Exchange Platform Gemini

On Friday, Gemini, the cryptocurrency exchange, declared its support for Shiba Inu (SHIB). In a statement about its decision to support the meme coin, Gemini wrote, “We are delighted to announce support for Shiba Inu (SHIB) as well as a range of new defi, metaverse, infrastructure, and data management tokens.” It further said, “Shiba Inu (SHIB), audius (AUDIO), mask network (MASK), wrapped centrifuge (WCFG), quant (QNT), radicle (RAD), burn (ASH), superrare (RARE), fetch.ai (FET), and numeraire (NMR) are now supported for deposits and custody on Gemini.” The company also added that “We believe these tokens will provide value to our users and will continue to support defi, the budding metaverse, decentralized infrastructure, and data management environments.”

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Cryptocurrency: The Cause Behind Shiba Inu’s Sudden Rise

Ever since billionaire Elon Musk proclaimed his support for Dogecoin a few months ago, the meme coin has seen a steady rise in the mainstream cryptocurrency market, reaching record highs. The coin was initially launched as a practical joke in response to Bitcoin’s popularity in 2013. The immense success of Dogecoin led to the rise in popularity of another meme coin inspired by the same Japanese dog breed, Shiba Inu, or “Dogecoin killer”, as its creators call it.

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