TL;DR
- BitTrade’s New Offerings: BitTrade added Ripple (XRP) and Shiba Inu (SHIB) to its lending program, with a 90-day loan period and a 2% annual rate.
- Support for Memecoins Expanded: The Japanese exchange recently began supporting Dogecoin and Shiba Inu, increasing its total number of supported cryptocurrencies to 34.
- Price Drop for XRP and SHIB: Following the announcement, XRP and SHIB saw respective price declines of 3% and 4%, though some analysts anticipate a potential rebound.
Additional Support for XRP and SHIB
Two of the top-trending cryptocurrencies – Ripple (XRP) and Shiba Inu (SHIB) – are once again in the spotlight after both assets have been added to BitTrade’s lending program.
“From November 21, 2023, we will begin “regular recruitment” for crypto assets for rent for Ripple/XRP (XRP) and Shiba Inu (SHIB),” the exchange announced.
The loan period for both tokens is set for 90 days with an annual rate of 2%. The minimum quantity that could be loaned is 100 XRP, and the maximum is 500,000 XRP. In the case of Shiba Inu, the minimum application is 10,000,000 SHIB, whereas the maximum is 10,000,000,000 SHIB.
Approximately a month ago, the Japanese crypto trading venue enabled deposits and withdrawals in the two largest memecoins by market capitalization – Dogecoin (DOGE) and Shiba Inu (SHIB). Thus, it brought the total number of supported assets by the marketplace to 34.
XRP and SHIB on a Downfall
The announcement from BitTrade appears to have no positive effect on the prices of XRP and SHIB. Both assets have plunged in the past 24 hours, recording a 3% and 4% decline (respectively).
Still, many analysts believe that the correction could be temporary, and the tokens might once again head north. Those willing to dive deeper into XRP and explore its potential price performance in the remaining months of 2023 could take a look at our dedicated video below:
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