Nexo, a well-known institution for regulated digital assets, has reaffirmed its commitment to including Shiba Inu on its platform by conducting a comprehensive analysis of SHIB.
In a recent update, Nexo reiterated its support for Shiba Inu and provided users with a detailed examination of the project.
Shiba Inu, which originally started as a joke meme coin in August 2020, has evolved into a symbol of community strength over the past four years, according to Nexo.
Nexo also highlighted the fact that the Shiba Inu dog meme played a significant role in the creation of the Shiba Inu cryptocurrency. The project has gained prominence in the crypto sphere thanks to its vibrant community. Nexo acknowledged that Shiba Inu has built a compelling brand identity with the support of the SHIB Army.
The dedicated SHIB Army has helped the cryptocurrency maintain its position as the 11th most valuable crypto and the second most popular meme coin, second only to Dogecoin, which is favored by Elon Musk. In the first quarter of this year, Shiba Inu even entered the top ten rankings, closing in on Dogecoin’s position.
Nexo also emphasized the important role played by ShibaSwap, Shiba Inu’s ecosystem DEX, in advancing the SHIB token. The launch of ShibaSwap in July 2021 was a strategic move to create a participatory platform where users can engage in token swapping and yield farming activities.
It is worth noting that Nexo’s spotlight on Shiba Inu comes a month after the firm first announced the listing of the SHIB token. At the time, Nexo revealed that users could instantly purchase SHIB using card services. Other benefits included complimentary Ethereum top-ups, rewarding swaps, borrowing against SHIB holdings, and easy transfer of the asset to others using just a phone number or email.
Now, one month after the listing, Nexo is further enriching its users’ understanding by providing more detailed information about Shiba Inu and explaining why its listing is justified. However, Nexo clarified that the information about Shiba Inu is for educational purposes only and is not intended for residents of the UK.
It is worth mentioning that Nexo is joining the party a bit late, as nearly all major trading platforms have already added support for Shiba Inu. According to CoinMarketCap data, over 130 centralized and decentralized exchanges have listed Shiba Inu. Interestingly, the Shiba Inu team proudly states that they have not paid any monetary compensation to facilitate these listings.
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