Shiba Inu Added to a Canadian Crypto Exchange?

Shiba Inu is one of the most popular meme crypto assets and was considered to be in competition with the famous Dogecoin. The canine-themed crypto asset was noticeably doing quite well until its price plunged yesterday after a whale wallet moved a large amount in four separate wallets.

The meme coin SHIB is currently trading at $0.00004704 (at the time of writing) and has seen quite the price drop over the last 24 hours.

Here is a graph by CoinMarketCap that shows the price of Shiba Inu over the last 24 hours.

shib-graph-05-11-2021

It has now been reported that Shiba Inu has been added to a Toronto-based crypto exchange, despite its significant price drop.

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Shiba Inu Added to Wealthsimple

Wealthsimple Inc. is an online investment management service based in Toronto, Canada. It was founded in 2014 and has been focused on millennials. According to reports, this company holds more than $8.4 billion in assets under management, as of February 2021.

Wealthsimple dipped its toes in crypto trading in July 2020. The firm also launched a secondary platform called Wealthsimple Digital Assets.

The firm has now announced, that it has added support for the canine-themed meme coin SHIB. This is positive news for people rooting for Shiba Inu as the series of transactions made by a whale wallet has made the investors nervous and has affected its value.

Wealthsimple previously only supported Bitcoin and Ethereum. However, the company has now expanded its crypto services after getting approval from OSC (Ontario Securities Commission).

It has now listed 14 new digital currencies including:

  • Solana
  • Shiba Inu
  • Cardano
  • Dogecoin

Wealthsimple has also added crypto-based ETFs and offers its services to more than 1.5 million users.

Despite the price movement was seen for Shiba Inu, the listing of the meme coin on a crypto exchange is being considered a positive indication so far.

What Should Crypto Investors and Traders Know?

Shiba Inu is the second-most popular canine-themed coin after Dogecoin. Some time back, the price surges seen for SHIB led the people to speculate a possibility where it would outperform DOGE.

However, the tables seem to have turned after the price of SHIB significantly plummeted since the movement of funds from the whale wallet. Despite this scenario, SHIB has been added to a Canadian exchange, which has led many to believe that the price of the digital currency might surge soon. This is just speculation and the real outcome is yet to be seen.

Therefore, if you want to invest in Shiba Inu, make sure you take your time and look for the best crypto exchange to buy SHIB.

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