The Gemini cryptocurrency exchange is operated under the supervision of the Winklevoss Brothers. This cryptocurrency exchange has a significant amount of popularity in the United States, but it is still behind in terms of amassing a massive number of digital currency traders. However, the platform has become the new talk of the crypto community owning to adding SHIB tokens among the listed digital assets.
The members of the SHIB trading community have been petitioning for more online trading platforms listing this meme token. The SHIB token made an appearance in the market after the original canine meme token called DOGE rose to popularity. The SHIB token was appreciated by 800% during November before undergoing a visible correction in the current month.
Gemini Lists Several other Cryptocurrencies Alongside Shiba Inu
Gemini exchange used the speculation and media attention around SHIB token to shed some light on several new cryptocurrency projects. While announcing the listing of the SHIB token, the exchange also added more options on their list, including USDC stablecoin, a RARE token from the NFT market operating under the same name, and an AUDIO token introduced by an online music streaming platform known as Audius.
It is worth noting that the SHIB token is considered a clone of Dogecoin, and it does not offer any real use case. The meme token is based on the parody of an internet meme featuring a Japanese dog breed called Shiba Inu. According to the statistics provided by CoinGecko, the SHIB token recorded an ATH in October by reaching $0.00008618. However, now the meme cryptocurrency is trading for $0.00005400 per unit after a 37% correction.
Several canine cryptocurrencies have entered the market after Dogecoin was able to get a price evaluation of $0.73 in May. Some of these new meme cryptocurrencies are ELON, Floki, and SAMO, and despite offering no real use case to the investors or developers, new investors in the market continue to add them to their portfolios due to their negligible per unit price.
It is important to understand that meme cryptocurrencies often carry higher volatility in comparison to regular cryptocurrencies like Cardano, XRP, and Ethereum. Another danger associated with the meme cryptocurrencies is that whale investors can acquire them in large quantities and manipulate the market according to their will. On account of social media hype, most of these meme coins are pumped and dumped after the fashion of Dogecoin.