BitTrade Dives Into the Memecoin Frenzy: Dogecoin and Shiba Inu Now Tradeable

• BitTrade, a leading Japanese crypto exchange, has added Dogecoin and Shiba Inu to its list of tradable assets.
• Memecoins like Dogecoin and Shiba Inu, known for their humorous origins, are gaining significant traction in the crypto market.

In a significant move reflecting the ever-changing landscape of the crypto world, BitTrade, a prominent Japanese crypto exchange, has embraced the memecoin phenomenon by welcoming two renowned memecoins, Dogecoin (DOGE) and Shiba Inu (SHIB), into its platform. This strategic decision reaffirms BitTrade’s dedication to serving the diverse interests of its growing user base.

For those unacquainted with the concept, memecoins are cryptocurrencies born out of trending internet memes or jokes. They often lack a substantial use case or concrete project and are instead inspired by pop culture references such as dogs, celebrities, or current events. Despite their lighthearted origins, some memecoins, like Dogecoin and Shiba Inu, have managed to establish themselves as notable players in the crypto market.

The Rise of Dogecoin

Dogecoin’s journey began in 2013 when software engineers Billy Markus and Jackson Palmer created it as a playful jest. Over time, it evolved into a formidable crypto asset. Notably, tech mogul Elon Musk, affectionately known as the “Doge Father,” lent his support to Dogecoin, resulting in significant endorsements. Musk’s influence, like modifying Twitter’s logo, boosted DOGE’s value by more than 30%. Today, Dogecoin is priced at $0.06, dominating the memecoin market in terms of market capitalization.

In 2020, an anonymous figure named Ryoshi introduced Shiba Inu, inspired by the Shiba Inu dog breed native to Japan. This memecoin swiftly garnered considerable investor interest. Although it is currently valued at a modest $0.000007, Shiba Inu boasts the second-highest market capitalization among memecoins.

The incorporation of Dogecoin and Shiba Inu by BitTrade comes at a crucial moment. The memecoin market recently experienced a decline in trading enthusiasm, losing approximately $500 million in trading volume. However, BitTrade’s decision suggests a potential resurgence in the memecoin market.

By adding these tokens on October 18th, BitTrade not only expands its asset offerings to 34 cryptocurrencies but also acknowledges the continued influence of memecoins in the ever-evolving crypto landscape.