Written by Hazel J. Greene, Senior Analyst

Shiba Inu (SHIB) has made a significant stride in the world of cryptocurrencies with its recent listing on Coinone, one of South Korea’s prominent digital asset exchanges. This achievement has sparked immense enthusiasm among SHIB enthusiasts worldwide, as it opens up new possibilities for the meme-coin to establish a stronger foothold in Asia and potentially attract a substantial influx of new traders.

Coinone, a well-established player in the South Korean market, boasting an impressive nine years in operation, holds the distinction of being the fourth largest exchange in Korea and the 40th largest globally, with a trading volume reaching $68.4 million. This strategic move to list SHIB aligns with the successful launches on other major Korean exchanges, Bithumb and Upbit, earlier this year.

While the listing on Coinone undoubtedly marks an important milestone for SHIB, the initial trading volume of approximately $100,000 in the last 24 hours may not have met some expectations. Currently, the anticipated “Korea effect” seems to have lagged, with most trading still centered around Binance, the global crypto giant, while KRW/SHIB trading remains relatively low.

Data from CoinMarketCap indicates that nearly 99% of all SHIB trades occurred on Binance in the past 24 hours, primarily utilizing USDT (74%) and BUSD (22%) pairs. Coinbase followed with a modest trading volume of $5 million, and KuCoin with $4.2 million. The largest Korean exchange, UpBit (SHIB/KRW), recorded a trading volume of $2.3 million.

While these figures may raise concerns, it is essential to bear in mind the volatile nature of cryptocurrency markets. Although the anticipated impact on SHIB has not materialized immediately, the “Korea effect” may still manifest in the future.

The Korean crypto market often goes unnoticed, yet it stands as the third largest in the world. Recent events have demonstrated the ability of Korean traders to single-handedly influence and boost the value of a coin, evident in the Aptos (APT) pump at the beginning of the year, as well as the recent Bitcoin Cash (BCH) rally.

Despite the initial response to the Coinone listing, the SHIB price continues its upward trajectory. At present, SHIB is trading at $0.00000786, maintaining its uptrend. The price found support at the 20-day Exponential Moving Average (EMA) and is now challenging the 50-day EMA. A successful breakthrough may prompt SHIB to once again target the 23.6% Fibonacci retracement level at $0.00000831 – a crucial resistance level that the coin has attempted to breach on three previous occasions.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The cryptocurrency market is highly volatile, and readers should conduct thorough research before making any investment decisions.