Shiba Inu (SHIB) Expands Trading Reach with New Listing on British Virgin Islands-Regulated Crypto Exchange Backpack

Shiba Inu (SHIB), the popular canine-themed cryptocurrency, has expanded its trading reach with a new listing on Backpack, a British Virgin Islands

Shiba Inu (SHIB), the popular canine-themed cryptocurrency, has now officially commenced trading on Backpack, a British Virgin Islands-registered crypto exchange and wallet provider, as announced in a tweet by Backpack on May 5th.

Backpack, a relative newcomer in the crypto exchange landscape, was launched in 2023 and positions itself as a next-gen exchange. It enables users to trade a diverse range of digital assets, encompassing both major cryptocurrencies like Bitcoin (BTC) and Ether (ETH) as well as newer projects such as Solana (SOL) and Dogwifhat (WIF). Being registered in the British Virgin Islands, the exchange caters to users in various regions, including Africa and Europe.

With the addition of SHIB, Backpack now offers trading for 25 cryptocurrencies. Notably, all supported assets are paired against the Circle stablecoin (USDC), providing a measure of stability for traders.

Backpack reported a 24-hour trading volume of $27.88 million, reflecting a significant daily increase of 58%. Currently, the most actively traded pair on the platform is SHFL/USDC, boasting a 24-hour volume of $18.06 million.

While SHIB trading is now live on Backpack, it's important to note that initial trading activity for the token remains modest on the exchange. As of press time, the total value of SHIB traded on the platform exceeds $59.51, indicating that the volume isn't yet substantial enough to influence the overall price of the token. According to CoinMarketCap, SHIB is currently trading at $0.00002507, reflecting a 4.80% increase over the past 24 hours.