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HomeCrypto NewsSHIB Jumps Over 20% As Upbit Lists Against Korean Won

SHIB Jumps Over 20% As Upbit Lists Against Korean Won

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Following UpBit’s announcement that it has listed the popular meme token against the Korean won, Shiba Inu (SHIB) increased by more than 20% on Wednesday, fully recovering from the FTX-caused sell-off.

According to information from Coinmarketcap, the dog-themed token was up 19.06% in the last 24 hours’ trade at roughly $0.000012 at the time of publication. Shiba Inu is now immediately available for purchase in South Korea using the Korean Won, according to a blog post by UpBit. Galxe (GAL) coin was also listed on Upbit for the BTC pair.

Upbit states that SHIB Trading will begin on 2023-01-18 at 6:00 KST, and the exchange will only accept deposits in Shib ERC-20.

UpBit’s listing of the token is a result of Shib-Army’s efforts to get more crypto exchanges to list it. SHIB also experienced a 20%+ surge in April 2022 after being added to the Robinhood cryptocurrency exchange in the US. A petition to get SHIB on Robinhood received close to 560,000 signatures; months later, the listing was made after its supporters pushed for it.

The thirteen most popular tokens by market cap have increased by more than 50% since January 1, 2022, and more than 40% this past week. The token experienced a more than 40,000,000% increase in 2021 but has since fallen by 85% this year.

Read: Shiba Inu Rank 12th Over Crypto Projects  as Shibarium Draws Near

Shiba Inu Price Analysis

Notably, the price of Shiba Inu is projected to keep rising as investors seek to purchase the asset in anticipation of the impending Shibarium layer-2 chain and several additional upgrades that they believe will boost the asset’s value.

Considering Wednesday’s increase, SHIB will likely encounter resistance at $0.000013, but it may eventually break through as additional buyers enter the market. The price attempts to cross a downward trendline, as shown in the chart below.

SHIBUSDT 2023 01 18

If it closes above that level, buyers will probably be forced to buy it, driving it up to $0.000015 and then to $0.000018. However, investors should be cautious when RSI approaches overbought levels.

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