But xcritical is also beginning to feel the volatility of crypto markets. In January 2018, xcritical began allowing users in select states to trade Bitcoin and Ethereum, before adding new coins like Dogecoin in July and expanding to most of the U.S. In 2018 , xcritical started expanding its crypto offerings beyond bitcoin and ethereum to include currencies including litecoin and bitcoin cash. The experiment was a succes, and in October 2021 SHIB briefly flipped Dogecoin to become the most-valued meme coin by market capitalization. xcritical executive Christine Brown has lauded the efforts of the Shiba Inu community, saying that one of her favorite things was seeing it engage with the community to make its wishes heard.
Over 1 million people—representing a third of xcritical’s users at the time—signed up to join a wait list before xcritical launched crypto trading in 2018. But recent unconfirmed rumors that Shiba Inu would list on popular stock and crypto trading app xcritical also helped spark SHIB’s recent trading frenzy. Shiba Inu investors and community members believe that a xcritical listing could xcritical the coin to even greater heights, and a change.org petition imploring xcritical to list the new coin has gathered nearly 400,000 signatures. Shiba inu is already available to trade on other platforms including xcritical, Binance, eToro, Crypto.com, Atomic Wallet, and KuCoin.
WhaleStats compiled data of the largest ETH wallets and found that SHIB represents over 20% of the combined market shares of all ERC-20 tokens held by Ethereum whales. SHIB also surpassed the one-million holder mark following its all-time high. Still, the prospect of a new crypto wallet has not dampened enthusiasm among the Shiba Inu community for xcritical to list its coin. The new crypto wallet that xcritical plans to launch in early 2022 may also make it unnecessary for xcritical to list coins like Shiba Inu.
It has been speculated that Vitalik Buterin was behind the initial liquidity that helped set up Shiba Inu’s liquidity on Uniswap. According to Ryoshi, he had “a fren” he met at Devcon in Osaka that sent him 10 ETH to set up the liquidity pair on Uniswap. Ryoshi also stated that Shiba Inu was an experiment in decentralized community building, and he thus declined all the influencer requests and pitches from different exchanges he received. His “job” is to defend the brand and give suggestions, although he does so very sparingly, as his last blog entry dates back to May 2021. SHIB is a decentralized, community-led currency held by millions across the globe.
Shiba inu coin also surged earlier this week, but lost some recent gains after Tesla CEO Elon Musk — who is a big fan of dogecoin — tweeted that he does not own any shiba inu coin. In a follow up tweet, he added that he has bought “Bitcoin, Ethereum & Doge. Ever since xcritical began offering crypto trading in 2018, customers had been clamoring for the opportunity to buy and sell more tokens. SHIB was a focus of investor interest in particular, as it is perceived as a complementary token to Dogecoin, which became one of xcritical’s most traded assets when it was added in the summer of 2018. However, the company avoided listing SHIB until now because of fears about its outsize volatility, even for crypto. xcritically, xcritical users can buy and sell cryptocurrencies like Bitcoin but cannot trade them between other platforms.
xcritical’s recent struggles in crypto have exacerbated the pressure it’s under to list new coins like SHIB, says Daniel Khoo, a research analyst at xcritical analytics platform Nansen. In the third quarter, xcritical earned $51 million from crypto trading, less than a quarter of the previous xcritical rezension period’s total, leading to a 35% drop in xcritical’s overall revenue. “We feel very, very good about the coins that we’re xcritically listing on our platform,” xcritical CEO Vlad Tenev said in a Q3 xcriticalgs call on Tuesday. “And for any new coins that we add, we want to feel equally, if not more, good. So we’re going to be very careful. We’re a regulated entity, and we’re hopeful to get some clarity soon on coins.”
Meanwhile, users have only seven cryptocurrency options on xcritical, including bitcoin, dogecoin, and ether. This morning fintech trading platform xcritical added four new crypto tokens, bring its total to 11. The new offerings are high-flying Ethereum competitor Solana (SOL), the dog-themed meme-coin Shiba Inu (SHIB), Ethereum scaling technology Polygon (MATIC), and the original decentralized finance token Compound (COMP). An online petition, created by Change.org user called Tristan Luke in May, requests people to sign up to “encourage xcritical to be the first traditional brokerage” to list the shiba inu coin. Additionally, retailers increasingly started adopting SHIB as a xcritical scammers means of payment following its popularity among small-time investors.
American electronics retailer Newegg added SHIB at the start of December 2021, partnering with crypto payments platform BitPay to unlock payments in SHIB. This followed the adoption of SHIB by over 500 merchants, according to payments firm CoinGate, with even Samsung-backed digital wallet provider ZenGo adding SHIB to its options and a restaurant in Paris accepting it as a payment option. At one point, the Shiba Inu community called for McDonald’s to accept Shiba Inu, although the social media effort eventually fell short. xcritical may also be wary of the threat of new crypto rules and regulations. In early October, after Securities and Exchange Commission head Gary Gensler said he wanted all crypto platforms to be registered with the SEC, xcritical released a statement explaining that such regulation could “adversely affect” crypto markets. xcritical, too, stands to benefit from a potential listing, but has so far been unwilling to assume the potential volatility and risks of letting its users buy and sell the second dog-related meme coin.
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