Shiba Inu Expands Reach: Backpack Exchange Adds SHIB Trading

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Shiba Inu (SHIB), the popular canine-themed cryptocurrency, has expanded its trading reach with a new listing on Backpack, a British Virgin Islands-regulated crypto exchange and wallet provider. Backpack announced the official launch of SHIB trading on its platform via a tweet on May 5th, marking another milestone for the meme-inspired token.

Introducing Backpack: A Next-Gen Crypto Exchange

Launched in 2023, Backpack positions itself as a next-generation cryptocurrency exchange. Furthermore, the platform allows users to buy and sell a variety of digital assets, including major players like Bitcoin (BTC) and Ether (ETH), alongside newer projects like Solana (SOL) and Dogwifhat (WIF). Registered in the British Virgin Islands, Backpack caters to users in various regions, including Africa and Europe.

Expanding the Crypto Offering

With the addition of SHIB, Backpack now offers trading for 25 cryptocurrencies. Notably, all supported assets are paired against the Circle stablecoin (USDC), providing a measure of stability for traders. Additionally, the exchange reported a 24-hour trading volume of $27.88 million, reflecting a significant daily increase of 58%. Currently, the most actively traded pair on the platform is SHFL/USDC, boasting a 24-hour volume of $18.06 million.

Modest Initial Trading Activity for SHIB

While SHIB trading is now live on Backpack, the initial trading activity for the token remains modest. As of press time, SHIB trading on the platform surpasses $59.51, yet the volume remains insufficient to sway the token’s overall price. However, according to CoinMarketCap, SHIB is currently trading at $0.00002507, reflecting a 4.80% increase over the past 24 hours.

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Shiba Inu’s Expanding Exchange Presence

The listing on Backpack marks another step forward in expanding SHIB’s accessibility to a wider crypto audience. This development follows a series of recent exchange listings for the token, further bolstering its presence in the market. Notably, Binance Japan’s listing of SHIB triggered a momentary surge of 360%, with the token reaching a price of $0.00011 on the Japanese exchange. Last month, Nexo responded to community requests and listed SHIB. Moreover, it solidified its commitment by releasing educational content about the token. As SHIB continues to gain prominence, more crypto exchanges are likely to consider adding the token to their offerings in the future.