US-based exchange Kraken has confirmed that it will list Shiba Ina (SHIB) from November 30. The price of SHIB rose by 23.3% in the 24 hours following the announcement.
In a blog post dated November 29, the exchange confirmed that the minimum deposit will be 373,000 SHIB with a minimum trade of 50,000 SHIB, around $18.40 and $2.40 respectively. The memecoin will be tradeable against USD and EUR.
The listing confirmation came almost a full month after the exchange first teased the SHIB listing on November 1. At that time the exchange had promised to list the coin in the next 24 hours should it receive 2,000 votes. Having received that many in just a few hours the exchange went on to prevaricate for the remainder of the month.
Now that Kraken has finally listed SHIB, the memecoin is featured on a growing number of exchanges including Gemini, Coinbase and Crypto.com. Shiba Inu continues to perform well and finds itself on a number of major centralized exchanges, but which coins could be next in line for a major CEX presence? BeInCrypto decided to take a look at the chasing pack to see just how close or far away they might be.
Magic Internet Money
Magic Internet Money is an unusual case study among its peers, being both a memecoin and a stablecoin project all in one. It also goes by a number of names, making it somewhat confusing at first glance. Whether you call it ‘Abracadabra money’ or ‘Magic Internet Money (MIM)’ or instead refer to it by the associated ‘Spell token (SPELL)’, the project is one and the same.
The project cutely bills itself as a magic spellbook that allows users to create magical internet money (MIM) using only collateral in the form interest-bearing crypto assets such as yvYFI, yvUSDT, yvUSDC and xSUSHI. MIM can then be traded for other stablecoins if required.
While Dogecoin enjoys a market cap in excess of $29 billion and Shiba Inu in excess of $28 billion, Magic Internet Money’s (MIM) market cap is a more modest $3.4 billion, with Spell having a $1 billion cap. Even so, it is still quite some distance ahead of other memecoins, demonstrating just how far ahead of the rest Dogecoin and SHIB really are.
Of the many coins to incorporate some reference to Elon Musk, Dogelon Mars (ELON) is the clear frontrunner. It has also already listed on a number of centralized exchanges including Crypto.com, OKEx and KuCoin.
On a market cap of $941 million, Dogelon Mars proves that memecoins don’t need to be in the billion dollar club to list on a centralized exchange. Some exchanges are tougher than others to crack however, so while Dogelon is already making early headway and good progress, it may still have some way to go before it can join Shiba Inu on the likes of Kraken.
Baby Doge Coin
Memecoins seems to perform well on Binance Smart Chain which is where Baby Doge Coin (BABYDOGE) has made its kennel. The little terrier has not content to remain solely on the leash of BSC however, and has recently branched out to Ethereum.
Besides its super-cutesy appearance, Baby Doge Coin is best known for its dedicated community of advocates, lending some credence to its claim to be the ‘world’s best community coin’. At time of press, Baby Doge Coin was trending on both Twitter and CoinGecko, and has recently surpassed 1 million holders.
Floki Inu is another dogcoin based on Binance Smart Chain. While Shiba Inu calls itself the ‘dogecoin killer’ Floki Inu (FLOKI) has pursued a more humble route as it pursues wider adoption, billing itself as the underdog in the dogcoin wars.
Despite its self-avowed underdog status, Floki Inu is managing to mount one of the most aggressive marketing campaigns in crypto right now. A recent ad campaign on the London Underground resulted in follow-up press coverage throughout the UK. The project has also secured TV spots on CNN, CNBC, ESPN, Fox News, Fox Business, MSNBC, Discovery which will run through December.
Floki Inu is now working on ‘Valhala’, a 3D gaming environment that will attempt to tap into the virality of both GameFi and metaverse trends. While the success of such a hugely ambitious undertaking is by no means certain, it does make the battle for memecoin supremacy worth watching.
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BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.