Shiba Inu Gets Listed on Middle Eastern Cryptocurrency Trading Giant

Updated:

After two months of deliberations, the largest crypto trading platform in the Middle East Rain has announced listing Shiba Inu (SHIB), granting the meme token even more adoption and trading volume. The meme token has surged by 25% since the announcement.

Established in Bahrain in 2019, Rain was the pioneering crypto exchange to receive full licensing in the Middle East after the Central Bank of Bahrain granted it an operational license.

In March, the official Rain Twitter account quizzed the crypto community if it should list the second-largest meme token on its platform.

Yesterday, the account announced that it had listed the token, tweeting:

“@Shibtoken is now available on Rain.

You asked and we listened, $shib is now available for trading! #shibarmy.”

In 2022, SHIB has made its way to more trading platforms, including Parex decentralized exchange and Robinhood, highlighting the growing demand for the meme token.

In other news, Shibburn recently reported a surge in token burning over the last 24 hours, as users took advantage of the low prices. In the last 24 hours, 607,530,847 SHIB ($607.53 million) have been burned through 12 transactions with the help of a new burn portal. The recent burn is a 307.5% increase from the day before when only 182,180,686 SHIB ($182.18 million) got burned.

Key Shiba Inu Levels to Watch — May 13

Shiba Inu appears to have eased off the bearish pressure from earlier this week as the broader crypto market recorded a notable bullish momentum return. The meme token jumped past the $0.0000120 barrier in the early Asian session today, and currently sits above $0.0000130.

SHIBUSD – 4-Hour Chart on Binance. Source: TradingView.

With the broader market detangling from the Terra situation, we could see an aggressive bullish recovery over the weekend, as many analysts propose that the bottom of the fall is already in. However, SHIB lacks stability until it bounces above the descending trendline at $0.0000160, where renewed efforts to take it above $0.0000200 can begin.

Meanwhile, my resistance levels are $0.0000150, $0.0000170, and $0.0000180, and my support levels are $0.0000130, $0.0000120, and $0.0000100.

Total Market Capitalization: $1.31 trillion

Shiba Inu Market Capitalization: $7.31 billion

Shiba Inu Dominance: 0.55%

Market Rank: #14

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.