Cryptocurrency exchange CoinDCX recently announced it will let its users trade Shiba Inu Coin, adding to the number of exchanges now supporting SHIB.
On the surface, this appears to be just another listing, as the likes of Binance and Coinbase already support SHIB. The ShibArmy’s recent attention focused mainly on the Robinhood petition or potential Kraken listing. In comparison, the CoinDCX announcement has gone relatively under the radar.
However, it’s much more important than you think.
CoinDCX and Its SHIB Listing
Depending on where you are in the world, you might not have heard of CoinDCX. This is because it is primarily an exchange focused on India. With over 3.5 million users, it is among the largest cryptocurrency exchanges in the country.
Of its major competitors, WazirX (7 million users) supports Shiba Inu, as does BitBns. Meanwhile, Coinswitch Kuber and Unocoin, two other large exchanges in India, do not support Shiba Inu.
With a reported 30 million cryptocurrency investors in India, there is a demand for these exchanges. And, as seen last month when WazirX crashed following record trading volume due to Shiba Inu, there is equally a high demand for SHIB, one the market currently cannot supply. With CoinDCX now listing SHIB on its platform, Indian investors will have another avenue to invest with.
With 16% of US adults having owned cryptocurrency, the US and Indian crypto markets are similar in size. However, the US-only Robinhood remains a key focus of the ShibArmy, even with its recently poor cryptocurrency earnings.
So, while CoinDCX is unlikely to push SHIB’s price up by a substantial amount (SHIB is down 0.7% in the last 24 hours), it does highlight the global spread of cryptocurrency, and the importance of regions outside the West - something that many often forget.