Shiba Inu Scores Major Listing on Nexo, How Will Price React?

Popular memecoin Shiba Inu (SHIB) has made headlines today after scoring a major listing on the Nexo crypto platform. The new developments have sparked discussion and created excitement across the SHIB community with hopes of an imminent price rally.

Nexo revealed this update at a time when the broader crypto market is experiencing price corrections, hoping for positive news to catalyze an upward movement. After several weeks of teasing the inclusion of Shiba Inu in its platform, Nexo finally delivers on its word, joining other top crypto exchanges like Binance, Bybit, Kucoin, and others in providing Shiba Inu trading services.

Shiba Inu (SHIB) Now Present on Nexo

In a recent development, Nexo, a Switzerland-based all-in-one crypto platform, has announced the listing of the second-largest memecoin by market cap, SHIB on its platform. The exchange took to X (formerly Twitter) to inform its users and onlookers about the update with a note praising the Shiba Inu project.

In the post, Nexo talked about how Shiba Inu has grown impressively from a playful memecoin to being a “robust symbol of community empowerment,” while highlighting the role of the vibrant SHIB community known as the SHIB army.

“The engagement of the ‘Shib Army’ is pivotal, driving both growth and innovation within the ecosystem. With its compelling branding and a base of dedicated supporters, SHIB has quickly ascended to significant popularity within the industry,” the post states.

In Q1 of 2024, Shiba Inu found its way back to the #10 spot on the top cryptocurrency by market cap list thanks to the commitment and activities of its army. However, at the time of writing, SHIB is now the 11th most valued cryptocurrency and continues to hold onto its position as the second most popular meme coin in the market after Dogecoin.

Additionally, Nexo emphasized how vital ShibaSwap, the decentralized exchange for the Shiba Inu ecosystem, is to the advancement of the SHIB coin. The company stated that the purpose of launching ShibaSwap in July 2021 was to create an interactive platform where users could engage in yield farming and token trading.

.@Shibtoken's $SHIB is live on Nexo! Let's explore. ⬇️

Originally launched in August 2020 as a playful meme coin, $SHIB has rapidly evolved into a robust symbol of community empowerment.

Inspired by the iconic Shiba Inu dog meme, the project has thrived with the help of its… pic.twitter.com/qchmWU8oNA

— Nexo (@Nexo) May 7, 2024

Shiba Inu Price Amid Listing Excitement

Meanwhile, the price of SHIB has yet to show any significant positive movement since the announcement. In fact, data from CoinMarketCap show that the price of the token has taken a nosedive over the last 24 hours. Per the data, SHIB has declined by 2.84% over the last day to trade at $0.0000234. Additionally, its trading volume has also taken a notable hit, dropping by 31.72% to $401 million within the time.

A similar situation occurred when the listing was first teased in April. The price of the asset reacted negatively, dropping by over 5% at the time to trade at $0.00002681. While investors continue to hope for a surge riding on the back of the new listing, it is important to know that the crypto market is dynamic and it might take a whole lot more than an exchange listing to impact price movement.