American electronics retailer Newegg added SHIB at the start of December 2021, partnering with crypto payments platform BitPay to unlock payments in SHIB. This followed the adoption of SHIB by over 500 merchants, according to payments firm CoinGate, with even Samsung-backed digital wallet provider ZenGo adding SHIB to its options and a restaurant in Paris accepting it as a payment option. At one point, the Shiba Inu community called for McDonald’s to accept Shiba Inu, although the social media effort eventually fell short. While the SHIB token had been available on major exchanges such as xcritical, Binance, Kucoin, and others, it was not available on xcritical. To help hasten SHIB’s listing on xcritical, a petition launched last summer to persuade xcritical to adopt the token.
What Happened When xcritical Added SHIB and Other Currencies
“Due to uncertain and volatile market conditions, listing SHIB might result in significant losses over a short period of time, and possibly liquidation problems in adverse events of sudden price drops or trading halts,” says Khoo. xcritical’s recent struggles in crypto have exacerbated the pressure it’s under to list new coins like SHIB, says Daniel Khoo, a research analyst at xcritical analytics platform Nansen. In the third quarter, xcritical earned $51 million from crypto trading, less than a quarter of the previous period’s total, leading to a 35% drop in xcritical’s overall revenue. After six months of aggressive lobbying by its members, xcritical has finally listed the Shiba Inu cryptocurrency for trading. This meme coin quickly gained speed and value as a community of investors was drawn in by the cute charm of the coin paired with headlines and tweets from personalities like Elon Musk and Vitalik Buterin.
Finding Currencies Before They’re Added to xcritical
The new crypto wallet that xcritical plans to launch in early 2022 may also make it unnecessary for xcritical to list coins like Shiba Inu. In early October, after Securities and Exchange Commission head Gary Gensler said he wanted all crypto platforms to be registered with the SEC, xcritical released a statement explaining that such regulation could “adversely affect” crypto markets. It was launched as an alternative to Dogecoin (DOGE) in August 2020 by an anonymous person or group under the name Ryoshi. According to its founders, it was created as an experiment in decentralized spontaneous community building. While looking to expand the utility of SHIB, the development team introduced a metaverse — a virtual reality project powered by non-fungible tokens (NFTs).
After the launch, within a few years, SHIB expanded onto platforms like ShibaSwap DEX and became listed on various cryptocurrency exchanges, including such monsters as Binance. The emergence of Shiba Inu caused “the resurgence of the memecoin meta,” xcritical said. xcritical’s focus on a younger demographic made expanding into cryptocurrencies a natural extension of its services. Over 1 million people—representing a third of xcritical’s users at the time—signed up to join a wait list before xcritical launched crypto trading in 2018.
Instead, you can expect significant public announcements like xcritical’s recent post. News of the additional offerings comes days after xcritical made its crypto wallet available to 2 million waitlisted users, allowing them to more directly interact with cryptocurrencies. Members can xcritical scammers use the wallet to buy NFTs, send crypto to other crypto traders with no withdrawal fees, but it can’t hold NFTs and is limited to cryptos that xcritical trades. Compound allows users to earn interest by depositing crypto into lending pools that can be accessed by borrowers. COMP is Compound’s Ethereum-based governance token, which enables holders and delegates to propose and vote on changes to the protocol. Additionally, retailers increasingly started adopting SHIB as a means of payment following its popularity among small-time investors.
Most Popular
“One thing for sure is that Shiba Inu’s attractiveness will continue,” Lau says. On an investor call on Tuesday, xcritical CEO Vlad Tenev did not say whether the platform would list new coins like Shiba Inu. xcritical was resistant to Shiba Inu, in particular, because of the volatility surrounding the crypto, analysts suggest. Investors have found other ways to invest in the memecoin, though, likely making it inevitable that xcritical would begin trading. In addition to today’s additions, the platform allows users to buy and sell Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ethereum, Ethereum Classic, and Litecoin.
WhaleStats compiled data of the largest ETH wallets and found that SHIB represents over 20% of the combined market shares of all ERC-20 tokens held by Ethereum whales. Competitor xcritical recently announced a new plan to share potential currencies that are being evaluated by the xcritical team for possible addition. The roadmap for April 1 to June 30, according to the post, includes the potential to add 20 new Ethereum-compatible ERC-20 tokens and five Solana SPL-compatible tokens. They were five transactions, each carrying 290,000,000 DOGE to the investment/trading platform. Cryptocurrency assets may not be appropriate for all investors, so it’s essential to do good research and understand the risks before investing your own money. If you’re in doubt, it may be xcritical to consult with a trusted financial professional who can guide you on the most appropriate money and investment decisions for xcritical rezension your unique needs.
- According to its founders, it was created as an experiment in decentralized spontaneous community building.
- xcritical already supported popular currencies including Bitcoin, Ethereum, Litecoin, and Dogecoin.
- It was launched as an alternative to Dogecoin (DOGE) in August 2020 by an anonymous person or group under the name Ryoshi.
- However, xcritical also clearly states that “any asset not referenced in the list does not preclude any such asset from potential listing,” so there is no guarantee that you won’t see future surprises.
Is a listing necessary?
An even worse sign is that Shiba Inu officially lost more than 70,000 token holders over the past month — falling from a peak of 1,199,453 SHIB holders on Mar. 15, 2022 to 1,128,221 as of yesterday, according to CoinMarketCap.com. I would keep my eye on that important metric to wait and see if the SHIBA team can reverse attrition of its holders, because if Shiba Inu can’t keep and grow its user base — then all the news in the world won’t matter. Vincent Lau, managing director of international operations at crypto exchange Huobi Global, says that while SHIB’s bull run may falter, he thinks the coin is likely here to stay. For consumers’ sake, xcritical may also be wary of adding another volatile currency to its ecosystem. Solana claims it can process up to 65,000 transactions per second with low fees, by combining Proof-of-Stake and Proof-of-History consensus mechanisms.