This article explores whether SHIB is on its way to becoming Japan’s largest cryptocurrency and the reasons behind Japan’s enthusiasm for SHIB.
SHIB is a global currency, but it is more popular in certain regions and populations. In India, SHIB is very popular, partly due to the 2021 global epidemic and Vitalik Buterin's donation of a large amount of SHIB to the COVID relief fund. Some venture capitalists in Japan have shown great interest in SHIB. Sandeep Nawal has also spoken publicly about SHIB, and we will take a deep dive into the Japanese love for SHIB.
SHIB is one of the most popular cryptocurrencies on the Bitpoint exchange, and SBI Trade has announced that it will implement SHIB trading pairs on its venture capital trading platform.
Despite the price fluctuations of SHIB, it remains one of the top 20 cryptocurrencies by market capitalization and has made progress in building a decentralized economy and ecosystem. In the context of the global pandemic in 2021, of course, Vitalik Buterin donated a large amount of SHIB to the COVID relief fund.
What is happening to SHIB in Japan now? A large part of the reason is related to a large number of venture capitalists.
SHIB has been declared as the most popular cryptocurrency by one of Japan’s leading cryptocurrency exchanges. Bitpoint is a cryptocurrency exchange founded in 2016 that offers services including 18 popular large-cap cryptocurrencies. On the exchange, SHIB generates the most trading activity and is the most watched cryptocurrency on Bitcoin Japan’s subsidiary.
SBI Trade is a top Japanese venture capital firm and they announced that they will implement SHIB trading pairs on their venture capital trading platform. SBI Trade explained that this move is to meet customer needs and provide the most comprehensive and up-to-date services to businesses in the region. SBI Trade considers SHIB as a currency on the Ethereum network. This is still a great investment opportunity for investors, which should make us optimistic about it.
After the hype, which MEME coin can continue to be popular? After the highs of 2021, remember that all cryptocurrencies were rising at that time, and there was no other reason except hype. Hype is great and can build a strong community, but what can you do after that?
Because most MEMEs can't even last that long after the hype fades, and SHIB is still a top 20 cryptocurrency by market cap. But when all the hype is over, there needs to be utility value, people need to stay interested, people need to participate in the ecosystem, and continue to hold the currency or token.
SHIB is laying the foundation for Shibarium and is actively working with large partners to build, which are what keep people interested and engaged. SHIB is actively working with large partners to build, especially in the Metaverse field, and Shib is currently the largest cryptocurrency by market capitalization.
Even though the market looked quite bearish over the past year and a half, have there been any substantial changes in SHIB's fundamentals?
Or maybe they’re doing more now than when you originally invested. I don’t know, but now they’re building the decentralized economy, they’re building something really special.
The old hands in the industry have definitely seen this, which is that when you look at the largest whale accounts in Ethereum, you’ll see that SHIB accounts for a large portion of it. Obviously, Ethereum is their largest holding, followed by the two largest stablecoins, and guess what token is ranked after them?
The top 100 Ethereum whale accounts hold more SHIB, currently worth an average of $6 million. They own more SHIB than any other meme token. #shiba