Unocoin, India’s leading exchange platform, has included comprehensive trading options for Shiba Inu and Dogecoin meme coins.
This revelation came from an announcement during the company’s press release on Monday.
Unocoin’s extensive customer base will now be able to access trade options that pair the Dogecoin against India’s Fiat currency, the rupee. There is no provision for backing the Shiba Inu trading anecdote with India’s Fiat currency. Instead, the token will trade against stablecoin Tether, a coin backed by the US fiat currency, the USD.
What You Need To Know About Fiat Currencies And Stablecoins
A fiat currency, in simple terms, is a national body’s legal tender that is not leveraged on any physical commodity. Let’s take gold as a case study to understand this term better. Gold has a physical presence and monetary value; in other words, gold can be used to purchase goods and services, plus the same quantity of gold anywhere in the world has the same monetary value.
But in the case of fiat currencies, they don’t have a physical presence, so the currencies worth is determined by the nation’s economy. Examples include the UD dollar, the Indian Rupee, and the Japanese Yen.
They don’t have any intrinsic value and are not the same globally. The US dollar isn’t the same as the Japanese Yen.
In the case of stablecoins, as can be inferred from the name ‘stable’, the innovation concept is to stabilize the value of a crypto asset. It brings the cryptocurrency closer to the traditional finance sector, aiming to mirror the various services that can be seen traditionally and improve such services marginally.
They are, in simple terms, cryptocurrency coins that are backed by fiat Currencies. That is to say, stablecoins do not only have their intrinsic value, they are also tethered to independent fiat Currencies, which are marginally more stable than cryptocurrencies. The largest fiat-backed stablecoin is the Tether stablecoin, backed by the United States US dollar.
The linkage of the cryptocurrency tokens to traditional legal tender is summarily an innovation that seeks to stabilize the crypto market space and provide conventional services on various Blockchain networks, centralized and decentralized.
Dogecoin And Shiba Inu
Dogecoin and Shiba Inu are the two largest meme-based cryptocurrencies. They are known as meme coins because various memes in the cryptocurrency community inspired their creation. The meme that inspired the SHIB and DOGE tokens are the Japanese dog memes, Shiba and Doge.
The two cryptocurrencies have performed amazingly in the crypto sector, which is a welcomed surprise to the developers of the tokens.
Dogecoin, as it stands, is currently the largest meme coin, a valuation backed by the value of its market capitalization and its position on Coinmarketcap’s cryptocurrencies ranking.
With billionaire Elon Musk continuous promotions and recommendations through his Twitter account, the token ranked as high up as No five earlier this year in January, which saw its price grow by over 4500%
DOGE trades at $0.1599 at press time and is now ranked 11th with approximately $21.29 billion market capitalization.
Shiba Inu is the second meme coin sensation, which has taken the market by storm with its ridiculous price movements that saw it move up by more than 2.4 million per cent earlier this year.
Experts say it is a favourite choice among investors and is backed for fast bullish moves.
It is the second most valuable meme coin, ranked just behind DOGE at 13th on Coinmarketcap’s ranking.
SHIB currently trades at $0.00003303 at press time, with a market capitalization of approximately $18.25.