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    Shiba Inu Listed on Leading Middle Eastern Crypto Exchange

    Shiba Inu may be listed on leading middle eastern exchange

    On March 17, representatives of the fastest growing cryptocurrency exchange in the Middle East, Rain, announced their plans to list the Shiba Inu meme token. The press service of the project emphasized that Rain approves of this cryptocurrency and its huge community. 

    At first, Rain representatives did not give the exact date of the listing; however, the token appeared on the exchange shortly after the announcement was made. The coin trading function has not been activated yet. The project team is working to launch trading and provide decent liquidity. Team members said that citizens of the Middle East are showing increased interest in the meme-token.

    Market analysts believe that SHIB listing on the fast-growing cryptocurrency exchange platform in this region can have a positive impact on the short-term value of Shiba Inu. As of today, the token is listed on 99 exchanges and Rain could become the hundredth.

    Rain is the first fully licensed crypto exchange in the Middle East. Over the past couple of years, it has managed to raise about $8.5 million from a number of investors. The number of platform users exceeds 185K, the total volume of processed transactions is approximately $2 billion.

    Last week, it was speculated that the Shiba Inu token (SHIB) could become legal tender in Turkey. The Shiba Inu community in Turkey confirmed that its representatives had discussed options for legalizing SHIB tokens with the head of the country’s Ministry of Economy, Mustafa Elitash.

    The authorities have not yet given an official response. However, observers agree that the value of SHIB will increase tremendously if Turkey allows paying for goods and services with Shiba Inu tokens.

    According to the WhaleStats service, SHIB is in tenth place in the ranking of the most purchased tokens on Ethereum. Large investors or the so-called whales show particular interest in this digital asset.

    On February 25, the largest holder of Ethereum purchased more than 49 billion Shiba Inu tokens worth $1.17 million. At that time, analysts suggested that this could be a sign of further growth in the crypto asset value.

    Shiba Inu Rank

    Shiba Inu ranks third on the list of cryptocurrencies held by whale wallets. It is only outperformed by Ether and FTX, but bypasses the stablecoins USDT and USDC.