One of the World’s top exchanges makes Shiba Inu available for trading against Korean Won (KRW).
Shiba Inu(SHIB) jumped more than 20% on Wednesday, fully recovering from the FTX-induced sell-off after Korean crypto exchange UpBit said it has listed the popular meme token against Korea’s national currency.
At press time, the canine-themed token was trading at around $0.000012, up 19.06% in the past 24 hours according to data from Coinmarketcap. According to a blog post by UpBit, South Koreans can now buy Shiba Inu directly using the Korean Won. Upbit also listed the Galxe(GAL) coin for the BTC market.
According to Upbit, SHIB Trading opens on at 2023-01-18 16:00 KST, while the exchange will only support Shib ERC-20 for deposits.
UpBit’s listing comes after growing calls of the “Shib-army” for more crypto exchanges to list the token. In April 2022, SHIB likewise jumped over 20% after being listed by US-based crypto exchange Robinhood. The listing came months after its supporters called for the move, with a petition from Change.org to get SHIB on Robinhood receiving nearly 560,000 signatures.
Since Jan 1, 2022, the thirteen most popular token by market cap has surged by over 50% and by over 40% in the past week alone. In 2021, the token surged more than 40,000,000% but has lost about 85% year-to-date.
Shiba Inu Price Analysis
Notably, Shiba Inu is likely to continue surging as investors throng to buy the asset in the hope that the upcoming Shibarium layer-2 chain and a range of other improvements will be a boon for prices.
Following Wednesday’s spike, SHIB is likely to face resistance at $0.000013, but could later slice through as more buyers come in. As we can see in the chart below, the price is attempting to break a descending trendline.
A close above it is likely to compel buyers to drive the price towards $0.000015 before pushing further to $0.000018. Investors should however proceed with caution as the Relative Strenght Indicator (RSI) approaches the over brought region.