The adoption of Shiba Inu (SHIB) continues to expand as the popular meme coin gets listed on Coins.ph, a major cryptocurrency exchange based in the Philippines. With over 18 million registered users and regulatory approval from Bangko Sentral ng Pilipinas (BSP), this listing significantly increases access to the dog-themed cryptocurrency across Asia and beyond.
Overview of Coins.ph
Established in 2014, Coins.ph is one of the oldest and most recognized cryptocurrency exchanges in the Philippines. Initially focused primarily on digital assets, the platform has since broadened its services to include a variety of traditional financial offerings.
The exchange holds the distinction of being the first blockchain company in Asia to receive an Electronic Money Issuer and Virtual Currency Exchange (EMIVC) license from the BSP. This regulatory approval underscores its compliance and reliability in the financial sector.
According to its mission statement, Coins.ph is “the most established crypto brand in the Philippines, trusted by over 18 million users.” The user-friendly mobile application enables customers to buy, sell, and manage a diverse range of cryptocurrencies while also accessing local financial services.
Significance of the SHIB Listing
The introduction of Shiba Inu among the 20-plus cryptocurrencies available on Coins.ph marks a notable step in the token’s journey toward mainstream acceptance. Often referred to as the “Dogecoin Killer,” SHIB has gained a substantial following worldwide.
This listing allows a vast user base in the Philippines and other regions to trade SHIB conveniently through a regulated and secure platform. The move is expected to enhance liquidity and accessibility for one of the most talked-about digital assets in the market.
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Market Performance and Predictions
At the time of the listing announcement, Shiba Inu was trading at approximately $0.00001180, reflecting a 7.1% increase over the previous seven days, according to CoinGecko data. Market analysts have observed encouraging trends and projected a bullish price target of around $0.0000140.
Although SHIB experienced a significant decline of over 85% from its all-time high in late October, it has maintained its position as the 15th largest cryptocurrency by market capitalization. In recent trading sessions, the token’s value increased by more than 5%, bringing its market cap to nearly $7 billion.
Background and Leadership Changes
In early April, Wei Zhou, the former Chief Financial Officer of Binance, acquired Coins.ph. Zhou left the global crypto exchange giant in May of the previous year, citing personal reasons. This acquisition occurred three years after an Indonesian tech company purchased the startup for $95 million.
The exchange had initially planned to list the meme token on July 13 but encountered technical difficulties that delayed its debut. The successful listing underscores the exchange’s commitment to expanding its offerings despite operational challenges.
Growing Crypto Adoption in the Philippines
The Philippines stands out as one of the fastest-growing cryptocurrency markets globally. A 2021 report from Triple A, a Singapore-based blockchain data aggregator, revealed that approximately 4.3 million Filipinos, representing about 4% of the country’s population, own Bitcoin or other cryptocurrencies.
This rapidly growing user base highlights the increasing acceptance and integration of digital assets in the local economy. Regulatory clarity and the presence of licensed platforms like Coins.ph contribute significantly to this positive trend.
Frequently Asked Questions
What is Coins.ph?
Coins.ph is a licensed cryptocurrency exchange and financial services platform in the Philippines. It allows users to trade digital assets, pay bills, and access other monetary services through a mobile app.
Why is the listing of Shiba Inu important?
Listing on a regulated, large-scale exchange like Coins.ph improves SHIB’s accessibility and legitimacy, potentially attracting more users and increasing market activity.
How can I buy Shiba Inu in the Philippines?
You can sign up on Coins.ph, complete the verification process, deposit funds, and then purchase SHIB directly through the platform.
Is Shiba Inu a good investment?
Like all cryptocurrencies, SHIB carries investment risks due to market volatility. It is essential to research thoroughly and consider your financial goals and risk tolerance.
What other cryptocurrencies does Coins.support support?
The exchange supports over 20 cryptocurrencies, including Bitcoin, Ethereum, and other major altcoins, along with traditional financial services.
How does regulation affect cryptocurrency exchanges in the Philippines?
Regulation by the BSP helps ensure security, compliance, and consumer protection, fostering greater trust and adoption among users.
Disclaimer: This content is for informational purposes only and is not intended as investment or financial advice. Cryptocurrency investments are volatile and high-risk; always conduct your own research before trading.