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Nexo, a prominent institution for regulated digital assets, has reaffirmed its inclusion of Shiba Inu on its platform with an exploratory analysis of SHIB.
In an update on X earlier today, Nexo reiterated its support of Shiba Inu and provided users with an in-depth analysis of the project.
Shiba Inu Now a Powerful Symbol of Strength
The firm pointed out that Shiba Inu debuted in August 2020 as a joke meme coin. However, Nexo observed that over its almost four-year trajectory, SHIB has transformed into a powerful symbol of communal strength.
.@Shibtoken's $SHIB is live on Nexo! Let's explore. ⬇️
Originally launched in August 2020 as a playful meme coin, $SHIB has rapidly evolved into a robust symbol of community empowerment.
Inspired by the iconic Shiba Inu dog meme, the project has thrived with the help of its… pic.twitter.com/qchmWU8oNA
— Nexo (@Nexo) May 7, 2024
Moreover, Nexo emphasized that the well-known Shiba Inu dog meme sparked the inception of the Shiba Inu cryptocurrency.
Now, this meme-based project has risen to prominence in the crypto sphere, riding on the back of its vibrant community. Also, Nexo recognized that Shiba Inu has established a captivating brand identity through the support of the SHIB Army.
This dedicated Army has helped SHIB maintain its position as the 11th most valuable crypto and second most prominent meme coin, trailing only Elon Musk’s favorite Dogecoin. In the first quarter of this year, Shiba Inu re-entered the top ten rankings, closing in on Dogecoin.
ShibaSwap’s Role
Furthermore, Nexo highlighted the crucial influence of ShibaSwap, Shiba Inu’s ecosystem DEX, in advancing the SHIB token. The firm noted that the launch of ShibaSwap in July 2021 was a strategic move to foster a participatory platform where users can partake in token swapping and yield farming activities.
Nexo Joining 130 Other Platforms Listing SHIB
Notably, this Shiba Inu spotlight from Nexo emerged a month after the firm first announced listing the SHIB token. At the time of the listing, the exchange disclosed that users could purchase SHIB instantly using card services.
Other disclosed benefits included complimentary Ethereum top-ups, rewarding swaps, borrowing against their SHIB holdings, and transferring the asset to others using just a phone number or email.
Now, a month into the listing, Nexo is enriching its users’ understanding by offering more detailed information about Shiba Inu, suggesting why its listing is merited. However, the exchange emphasized that the notes about Shiba Inu are for enlightening purposes only and are not intended for U.K. residents.
Meanwhile, Nexo is pretty late to the party. Nearly all prominent trading platforms have already supported Shiba Inu. CoinMarketCap data indicates that over 130 centralized and decentralized exchanges have listed Shiba Inu.
Interestingly, the Shiba Inu team has proudly disclosed that the community never paid monetary compensation to facilitate any of the listings.