A day after meme-based cryptocurrency Shiba Inu ($SHIB) got listed on South Korean exchange Coinhako, a prestigious and popular crypto exchange founded by a former senior executive at Morgan Stanley delivered some news that was music to $SHIB HODLers’ ears.
What Is Shiba Inu ($SHIB)
Shiba Token ($SHIB), the native token of meme-based Ethereum-powered 100% community-run crypto project Shiba Inu.
Here is how Coinbase described the dog meme-based cryptocurrency in a blog post on June 15 when it announced that SHIB would be listed on Coinbase Pro, its trading platform for experienced and professional traders:
“Shiba Inu (SHIB) is a token that aspires to be an Ethereum-based alternative to Dogecoin (DOGE), the popular memecoin. Unlike Bitcoin, which is designed to be scarce, SHIB is intentionally abundant — with a circulating supply of one quadrillion. The Shiba Inu Token ecosystem supports projects such as an NFT art incubator and the development of a decentralized exchange called Shibaswap.“
A Brief History of Phemex
As previously reported by Reuters, on 4 December 2019, on that day, Jack Tao, who worked a software engineer at Morgan Stanley for 11 years between August 2008 and July 2019, announced that the official launch of crypto exchange Phemex.
The Reuters report mentioned that Tao had “assembled a team of more than 30 senior developers, incuding eight former executives from Morgan Stanley’s BES and enterprise application infrastructure teams”.
Tao told Reuters in a phone interview:
“The internet has made it possible to communicate and transfer information. So a public blockchain enables instant transfer of value.“
The Phemex CEO also mentioned that the exchange can “manage 300,000 transactions per second, and can deliver an order entry and response time of less than 1 millisecond”.
According to the Phemex team, the name comes from the combination of Pheme (“the Greek God of fame”) and MEX (“mercantile exchange”).
Phemex Adds Support for $SHIB
On Friday (November 26), Phemex announced that it was listing three popular cryptoassets: $SHIB, $DYDX, and $FTM. It also mentioned that $SHIB fans could now trade there using the pair $SHIB-$USDT.
$SHIB’s Price Action
According to data by TradingView, on crypto exchange FTX, currently (as of 14:15 UTC), $SHIB is trading around $0.00003765, down 4.75$ in the past 24-hour period.
Disclaimer
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Image Credit
Featured Image by “kazzzsat” via Pixabay
