Backpack, a crypto exchange and wallet provider regulated in the British Virgin Islands, has announced that trading for the Shiba Inu (SHIB) token is now available on its platform. The exchange has paired SHIB against the Circle stablecoin (USDC) and trading began at 10:00 AM (UTC) today. However, it is unclear whether deposit and withdrawal services for SHIB have also been enabled.
Backpack, launched in 2023, is a modern exchange that allows users to trade various cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Solana (SOL), and dogwifhat (WIF). The exchange is registered in the British Virgin Islands and operates in different regions, including Africa and Europe.
With the addition of Shiba Inu trading, Backpack now supports a total of 25 crypto assets, all of which are paired against USDC. The exchange has experienced a surge in trading volume, with a 24-hour trading volume of $27.88 million and a daily increase of 58%. The most active trading pair on the exchange is SHFL/USDC, with a 24-hour volume of $18.06 million.
Since the introduction of Shiba Inu on Backpack, only $59.51 worth of SHIB has been traded on the platform. This trading volume is not significant enough to impact the price of SHIB, which was valued at $0.00002407 at the time of writing, representing a 24-hour decline of 0.35%.
The listing of Shiba Inu on Backpack has expanded its availability to more crypto enthusiasts. Prior to this, several other exchanges, including Binance Japan and Nexo, have also listed SHIB, resulting in increased trading activity and price surges. It is expected that more exchanges will list Shiba Inu as its popularity continues to grow.
Please note that this article is for informational purposes only and should not be considered as financial advice. The opinions expressed in this article are solely those of the author and do not reflect the views of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions, and The Crypto Basic is not responsible for any financial losses incurred.