As CryptoGlobe reported, Rain started to consider listing the cryptocurrency back in March. At the time, a spokesperson said the exchange had already prepared its backend to trade the cryptocurrency. The exchange has, however, only now made SHIB available.
Rain is available for trading to residents of Bahrain, Oman, Saudi Arabia, Kuwait, the United Arab Emirates, Turkey, Pakistan, and more. It was reportedly the first cryptocurrency exchange licensed by Bahrain’s central bank.
The listing comes at a time in which Shiba Inu community members have called for the creation of a donations portal to complement the already existing burn portal. The burn portal sends users who burn tokens “burntSHIB” tokens, which can be staked to generate rewards in the form of RYOSHI tokens, a separate token in the SHIB ecosystem.
So far, over 28.4 billion SHIB have already been burned and users are earning an APR of around 13% for destroying tokens. Projects often burn tokens to reduce circulating supply, which if met with similar or increasing demand could lead to a rise in the token’s price. The SHIB community has long been favoring token burns.
Other major listings for the meme-inspired cryptocurrency so far this year include Robinhood, a retail-focused commission-free stock and crypto trading platform. The community had been fighting for a listing with Robinhood for months on end.
The trading volume of the meme-inspired cryptocurrency exploded upward shortly after it was listed on the commission-free trading platform, along with Polygon (MATIC), Compound (COMP).
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