Connect with us
Active Currencies 13829
Market Cap $2,704,856,860,619.90
Bitcoin Share 50.77%
24h Market Cap Change $-2.10

Australia’s CoinJar is latest to use SHIB for promotional purposes

2min Read

Share this article

Australia’s CoinJar, one of the country’s longest-running cryptocurrency exchanges, has announced the launch of a Shiba Inu-themed promotional campaign. This will be part of its efforts to celebrate its 9th anniversary. In doing so, CoinJar will now be the latest to use the socially popular memecoin to leverage and boost its own popularity.

This isn’t a new concept, however. In fact, CoinJar is just the latest company to do this. After all, over the past year or so, Shiba Inu [SHIB] has threatened to overshadow Dogecoin [DOGE] as the world’s foremost memecoin. As an altcoin that lauds itself for being community-centric, SHIB has often been used to spur social and trading volumes. In fact, as CoinJar rightly mentioned, “a meme coin is becoming more valuable than General Electric.”

According to the exchange, anyone who makes a trade on the app between 5 and 8 May will stand the chance of winning up to 99,999,999 SHIB. While the prize money seemed to be just over $2,000 at press time, the exchange seems to be counting on the social popularity of the crypto to spur trading on its platform.

For its part, Shiba Inu is a popular breed of dog in Japan. It has become something of a mascot for the cryptocurrency community thanks to its association with the Dogecoin meme.

Here, it’s worth pointing out that there have been efforts to have SHIB evolve as a more legitimate cryptocurrency. Just last week, for instance, the network proceeded with its SHIB: The Metaverse land sales. In fact, it also commenced with the operations of the SHIB Burn Portal. Over the last week alone, over 20 billion SHIB were burnt out of the circulating supply.

And yet, despite the social popularity and the trending wars SHIB tends to win, its price action has been underwhelming. In fact, many project that the meme coin has a long way to go before it even comes close to breaching $1. These projections can be supplemented by the finding that in the last month alone, over 70K SHIB holders have exited the market.

Share

Jibin Mathew George is Editor-in-Chief at AMBCrypto. A domain expert in International Relations (European Politics), he has always been a believer in the unlimited possibilities afforded by blockchain and by extension, cryptocurrencies. As someone who has been watching and writing about this space for over 5 years now, Jibin has closely tracked the emergence of cryptos and digital assets as a separate asset class in portfolios world over. A lawyer by training, he previously contributed to the News and Research desk of Diplomacy & Beyond Plus. Before his stint at D&B, he was Editor at ED Times. Jibin also takes a great interest in politics, especially the corresponding effect political decisions and fiscal policy have on the world of finance, with a special focus on cryptocurrencies.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.