Shiba Inu (SHIB) has achieved a new milestone by being listed on Coinone, one of South Korea’s most prominent cryptocurrency exchanges. In the fast-paced world of cryptocurrency, a single exchange listing can significantly alter a coin’s fortunes. As SHIB rides the wave of this latest accomplishment, many are wondering if this new listing will have an impact on its price.
Shiba Inu Lands on Coinone
SHIB fans are thrilled with the announcement of its listing on Coinone. This important development represents a major achievement for the meme-coin, strengthening its position in Asia and potentially drawing in new investors. In the South Korean market, Coinone is a respected and long-standing exchange that has been running successfully for nine years.
Coinone, with a trading volume of $68.4 million, ranks as the fourth largest exchange in Korea, trailing behind Bithumb, UPbit, and Korbit, and the 40th largest globally. The choice to add SHIB to its listings follows the successful introduction of the meme-coin on other major Korean exchanges, Bithumb and Upbit, earlier this year.
Although SHIB’s listing on Coinone is a significant achievement, its initial trading volume of approximately $100,000 in the past 24 hours may not meet some expectations. The anticipated “Korea effect” has yet to materialize for SHIB, as the majority of its trading continues to occur on Binance, the global crypto leader, while KRW/SHIB trading remains low.
According to data from CoinMarketCap, nearly 99% of all SHIB trades in the past 24 hours took place on Binance, with the majority being executed with USDT (74%) and BUSD (22%) pairs. Coinbase followed with a trading volume of just $5 million, and KuCoin with $4.2 million. UpBit (SHIB/KRW), the largest Korean exchange, had a trading volume of $2.3 million.
It’s important to keep in mind that cryptocurrency markets are known for their volatility and unpredictability. The “Korea effect” may not be immediate, but it could still occur in the future.
The Korean cryptocurrency market, often underestimated, is actually the third largest in the world. As demonstrated in the past, Korean traders can single-handedly drive up the value of a coin, as seen with the Aptos (APT) surge earlier this year and the recent Bitcoin Cash (BCH) rally.