Japanese cryptocurrency exchange, BitFlyer has announced its plans to list two of the most popular cryptocurrencies, Shiba Inu (SHIB) and XRP, on its trading platform. This move is expected to increase the accessibility of these cryptocurrencies to Japanese investors and traders.
BitFlyer has become the latest exchange to add SHIB to its list of cryptocurrencies available for trading. This comes as SHIB’s popularity continues to soar, fueled by its low price and high potential for growth. The cryptocurrency has seen a significant increase in demand recently, with its market capitalization reaching $18 billion.
Listing of XRP and Shib
In addition to SHIB, BitFlyer has also announced the listing of XRP on its platform. This move comes after the recent decision by the US Securities and Exchange Commission (SEC) to settle its lawsuit against Ripple, the company behind XRP. The settlement has provided some clarity and confidence for investors and traders, leading to an increase in demand for XRP.
BitFlyer has also revealed that it will offer options trading for both SHIB and XRP. Options trading provides traders with the ability to buy or sell an asset at a predetermined price, giving them more flexibility and control over their investments. This feature is expected to attract more traders to the platform, further increasing the liquidity and trading volume of these cryptocurrencies.
Burn rate of SHIB has increased by 4600%
Meanwhile, the burn rate of SHIB has increased significantly in recent weeks. The burn rate refers to the number of SHIB coins that are destroyed or removed from circulation. This is done to reduce the total supply of the cryptocurrency, which can help to increase its value over time. The burn rate of SHIB has increased by 4600% in just one month, from 2.5 trillion SHIB burned in February to over 117 trillion SHIB burned in March.
The increase in burn rate is likely due to the efforts of the SHIB community to increase the value of the cryptocurrency.
The exchange has announced that it will conduct a lottery to give away Shiba Inu worth 10,000 Japanese Yen to 20 lucky participants.
BitFlyer’s decision
In summary, BitFlyer’s decision to list SHIB and XRP on its trading platform is expected to increase the accessibility of these cryptocurrencies to Japanese investors and traders. The addition of options trading for both coins is also likely to attract more traders to the platform. Meanwhile, the increase in burn rate for SHIB indicates a strong effort by the community to increase the value of the cryptocurrency.
