The eToro trading platform has finally heeded the call by its users to list the Shiba Inu coin. The latter is one of the cryptocurrencies that have gained immense popularity in 2021 by riding on the memecoin wave that was started by Dogecoin.

eToro announced the listing through its Twitter handle, revealing that Shiba Inu is already available as SHIBxM. However, the platform has taken a unique approach, where it only allows users to invest in the cryptocurrency by buying them in units that consist of millions of SHIB coins. This means users cannot buy 1 Shiba Inu coin and instead, they can only buy them in lots of millions of coins. This makes sense considering that Shiba Inu is available in trillions and each coin has such a low price, that it would not make sense to buy a single or even a thousand coins.

Shiba Inu price analysis

Shiba Inu’s performance has been less than exciting especially in the last few days, during which the cryptocurrency market has experienced a substantial uptick. SHIB managed to rally slightly after bottoming out at $0.0000057 a week ago which was its lowest price in July. However, it failed to deliver enough gains to put the Shiba Inu community at ease, resulting in a ranging performance since then, and is currently trading at $0.0000061.

Source: Binance

The recent bull run failed to push the price back above $0.0000080 which was previously a healthy level for the cryptocurrency when Bitcoin was at $40,000. This was likely because most of the money that previously fueled altcoin rallies went to major cryptos like Bitcoin.

What to expect from the eToro listing

eToro is one of the major online retail trading platforms in the U.S and it is available to millions of people. The listing will allow users especially those who trade exclusively on eToro to access Shiba Inu conveniently within the platform. The potential outcome of the listing is that more money will be invested in the platform, which means we might witness a potential price uptick in the next few hours, as soon as more people find out about the listing.

Listings on a major exchange like eToro usually have a substantial impact on the price of an asset, regardless of whether it is a stock or a cryptocurrency. This is because enough buying pressure in an exchange tends to push up the rice. eToro had more than 17 million users as of 2018 and while not all of them are expected to purchase Shiba Inu, the coin will be exposed to many potential buyers.

Shibaswap sends an open invitation to other crypto projects

Shiba Inu developers recently announced that crypto developers can submit their bids to launch their cryptocurrencies on the Shibaswap decentralized exchange. The announcement was made via a tweet and it might be another catalyst for Shiba Inu. This is because the platform will have more coins for users to swap, thus becoming attractive to potential users.

If Shibaswap manages to attract a substantial user base, it will generate more revenue in the form of transaction fees, allowing SHIB holders to continue earning passive income. Its utility on the decentralized exchange platform and potential burns in the future could potentially lead to better price growth compared to the current performance.

The recent developments are exciting for the Shiba Inu community because they highlight the ongoing efforts towards making the coin more usable as opposed to just having meme value. It also aligns with the project’s roadmap which includes other key developments such as a Shiba Inu blockchain in the future. Whatever the case, the developers have once again demonstrated their commitment to creating more utility for Shiba Inu and securing its future.