By George Ward
Shiba Inu (SHIB) token has been approved by OkCoinJapan, the Japanese subsidiary of the OK Group, owners of the OKX crypto exchange. It will likely list the meme-themed token in the middle of February 2023. However, the precise listing date has not been revealed.
According to multiple reports, SHIB token supporters in Japan have been calling for a listing on a significant local exchange for months. But, big players like BitFlyer, Coincheck, and OKCoin have not yet added the well-known meme coin to their lists.
After receiving numerous requests to support SHIB, OkCoinJapan last week finally responded, indicating that it was thinking about increasing the number of trading options with the Dogecoin rival.
OkCoin was the first crypto exchange to receive a virtual asset service provider license in Japan in 2020. It is also the oldest Chinese cryptocurrency exchange, founded in 2013, with its headquarters in San Francisco.
There are currently 16 cryptocurrencies available on OkCoinJapan, with Ripple’s XRP, Tron’s TRX, and ETH being the notable ones. Furthermore, the platform became the first exchange in Japan to support Tron (TRX) staking in August.
Due to strict regulations, Japanese cryptocurrency exchanges typically offer fewer cryptocurrencies. However, Bloomberg reported in October that the Japan Virtual and Crypto assets Exchange Association was getting ready to relax the requirements for listing tokens.
Thus, allowing local trading platforms to list a greater number of digital assets.
Shiba Inu (SHIB) Ecosystem And Recent Developments
The SHIBArmy camp is buzzing about the listing after several Japan-based SHIB supporters expressed their appreciation in advance for the exchange. Other users seized the chance to draw the platform’s attention to additional SHIB ecosystem tokens like Doge Killer (LEASH) and Bone ShibaSwap (BONE).
The most recent development emphasizes the growing interest SHIB is receiving from the Japanese cryptocurrency community. According to reports, leading Japanese cryptocurrency exchange, BitPoint became the first to list SHIB last month.
Given the high rate of cryptocurrency adoption in the East Asian nation, Shina Inu’s expanding presence in the Japanese digital currencies market is essential for the asset’s growth. Independent comparison platform, Finder, recently estimated that more than 7.85 million people in Japan are cryptocurrency holders.
More Japanese attention would be drawn to SHIB following this announcement and the subsequent listing. Also, various on-chain data reveal that the 100 largest Ethereum wallets collectively hold about $72 million worth of SHIB or over 7.7 billion SHIB. The data also showed that these SHIB holdings make up 3.26% of the whales’ total crypto holdings.