“Soon after he made his donation public, holders of ‘memecoins’ began to panic and the prices of these currencies began to drop,” according to the Indian Express. Buterin’s donation garnered plenty of attention from mainstream Indian media with the likes of Indian Express, Economic Times and Mint taking note of the market action that followed Ethereum founder’s philanthropic gesture. SHIB token fell by 40% on Thursday and was last seen changing hands at $0.00001981, according to CoinGecko.
The SHIB token is available on WazirX for trading against the Indian rupee (INR) and stablecoin tether (USDT). But according to its official blog, the exchange does not accept direct SHIB deposits or facilitate SHIB withdrawals. WazirX listed dogecoin on April 1, when DOGE was trading at around 6 cents. Even after a market crash on Wednesday, dogecoin is up more than sixfold since then, at about 40 cents.
WazirX’s listing comes a day after Ethereum founder Vitalik Buterin donated 50 trillion SHIB tokens, worth $995 million at press time, to the India Covid Relief Fund, which was started last month by layer 2 scaling solution Polygon’s founder, Sandeep Nailwal. “We were receiving a lot of requests from our community to bring SHIB on WazirX, and hence, we decided to list it,” CEO Nischal Shetty told CoinDesk.
Source www.coindesk.com But the Indian exchanges may be betting that the dog will still hunt.
Of course, cryptocurrency experts note that these dog-token projects offer little in the way of promising technological advances or blockchain innovations – with volatile trading action that can seem more like a game or social experiment than a long-term investing strategy. Earlier this week, the Mumbai-based CoinDCX exchange also launched a spot market for SHIB pairs. CoinDCX listed DOGE in February.
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