Shiba Inu (SHIB) Receives Support by This Popular Crypto Platform: Details

TL;DR

A well-known crypto platform now allows users to buy Shiba Inu (SHIB), incorporating a variety of services with the asset.
SHIB’s widespread adoption by major exchanges and positive market indicators suggest a potential for resurgence despite current market downturns.

The Latest to Hop on the SHIB Bandwagon

The leading cryptocurrency lending platform, Nexo, announced on X that users can purchase the second-largest meme coin – Shiba Inu (SHIB). The company explained that card transactions can be accepted “in seconds” and enabled free Ethereum top-ups.

Swap with rewards, borrowing against SHIB, and sending assets to a friend via a phone number or email are also among the supported options. 

Dealing with the meme coin is available to all Nexo users, excluding those residing in the United Kingdom (UK). Despite embracing Shiba Inu, the platform warned that investments in cryptocurrencies carry “a degree of risk,” meaning clients should be extra cautious when entering the ecosystem.

The asset’s price has shown little-to-no volatility in the hours after Nexo’s announcement. It keeps trading in the red, being 13% down on a weekly scale, in resonance with the broader market correction.

However, several important indicators hint that a resurgence might be on the horizon. Such factors include increasing social activity, accelerating market volume, the advancement of the layer-2 scaling solution Shibarium, and the successful execution of the Shiba Inu burning mechanism. If you are curious to learn more about the L2 blockchain solution, you can click on the video below:

Who Else Supports SHIB?

Shiba Inu is among the cryptocurrencies that generate the most trading volume, which might explain why multiple exchanges have embraced the asset over the years. Binance and Coinbase listed the asset in the summer of 2021, while Kraken followed suit a few months later. Other leading trading venues supporting SHIB include Gemini, KuCoin, OKX, and many more.

One of the exchanges that gave its thumbs up relatively recently is the Australian-based GroveX. As CryptoPotato reported, this happened in September last year, with the company saying “it’s a pleasure” to introduce trading services with the self-proclaimed Dogecoin-killer. GroveX also listed BONE and LEASH which are part of the Shiba Inu ecosystem.