Middle Eastern cryptocurrency trading platform Rain has revealed it’s set to list the meme-inspired cryptocurrency Shiba Inu ($SHIB) in the near future, meaning it’s set to become the 100th platform to list the cryptocurrency.
According to Watcher Guru, a Rain spokesperson has confirmed that the exchange has already prepared its backend to allow users to trade the meme-inspired cryptocurrency, although trading is not yet available on the platform.
The spokesperson did not reveal when SHIB would be made available to the public, detailing there’s “no exact timeframe when the trading will be open for Shiba Inu.” Rain is available for trading to residents of Bahrain, Oman, Saudi Arabia, Kuwait, the United Arab Emirates, Turkey, Pakistan, and more.
Watcher Guru details the exchange has processed over $1.9 billion in transactions so far and is looking to further expand in the Middle East. Its addition of SHIB could make it the 100th platform to list the cryptocurrency, although it’s competing with one of the world’s longest-running crypto exchanges for the title.
Bitstamp, a cryptocurrency exchange founded in 2011 that got registered in the UK in 2013, announced it was listing SHIB late last year, but the exchange encountered a “technical issue” that delayed the listing. If Bitstamp does start trading SHIB before Rain, it will become the 100th platform to list the meme-inspired cryptocurrency.
These new listings come shortly after Shiba Inu’s burn rate exploded over 6,700% after 745 million tokens were burned in a single day. A total of 410.30 trillion SHIB have been burned since the cryptocurrency was launched. Initially, Shiba Inu has a total supply of one quadrillion tokens, but 50% of them were locked in a smart contract to provide liquidity on decentralized exchange Uniswap, while another half were sent to Ethereum co-founder Vitalik Buterin.
The Ethereum co-founder then grabbed around 90% of the SHIB tokens that were donated to him and burned them in a transaction that removed over 410 trillion SHIB from circulation.
As CryptoGlobe reported, the team behind Shiba Inu recently announced the launch of a token burning portal that is set to help the cryptocurrency’s community burn tokens in an effort to reduce its circulating supply.
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