Top Exchange Phemex Lists SHIB, DYDX, FTM for Spot Trading
Leading crypto exchange Phemex just listed three cryptocurrencies to its platform: SHIB, DYDX, and FTM. These tokens have enjoyed great popularity amongst crypto enthusiasts and will be available for spot trading with their USDT pairs.
Consolidating its position as one of the leading crypto exchanges in the industry, Phemex is adding these tokens to meet the demand of the users. In 2021, SHIB alone managed to climb its way up the crypto market cap ranking by briefly scoring a place in the top 10.
The Shiba Inu-inspired cryptocurrency was launched as a community drive project with a DeFi ecosystem that offers users a suite of products. The token gained more adoption after the inventor of Ethereum Vitalik Buterin donated over $1 billion in SHIB to several charities.
SHIB versus DOGE, Phemex Widens Access To Popular Tokens
Phemex has taken note of SHIB’s popularity, as the token became one of the biggest contenders for Dogecoin (DOGE). The Elon Musk-backed cryptocurrency rose from a low below $0.10 to an all-time high above $0.70 and caused mania amongst retail investors.
Many feel that SHIB and its ecosystem is the only coin capable of delivering what DOGE promised: a “fun” and low-cost community-driven project.
In any case, Phemex has listed both DOGE and SHIB and users can pick their favorite contender for the meme coin crown, these assets count themselves amongst the best performers in 2021 and seem poised to keep appreciating as more users jump into the crypto industry.
Phemex Keeps Betting On DeFi Altcoins
Reaching an all-time high of over $100 billion in total value locked (TVL), the DeFi sector continues to be one of the hottest trends in the crypto space. Phemex has listed some of the leading projects in DeFi, and is now adding the governance token for protocol DYDX.
Recently launched via airdrop, DYDX will support the governance model that enables users to submit and vote for proposals that will decide the platform’s future. Since its launch, the token has seen great appreciation going from below $10 to an all-time high above $20.
DYDX, a decentralized trading protocol backed by a16z, Polychain Capital, Three Arrows Capital, and Paradigm, has been moving to a complete decentralization model without a single point of failure. Access to the DYDX token on Phemex and other platforms will allow users to take part in this project’s next phase.
Phemex Adds Ethereum Killer Competitor Fantom Chain (FTM)
Finally, FMT, which is part of the Fantom Network, has been following an upwards trend year-over-year, according to data from CoinGecko. The FTM rally has ignored the general sentiment in the crypto market maintaining its bullish momentum despite bad conditions in the price of major cryptocurrencies.
This cryptocurrency and its network rank amongst the biggest competitors for Ethereum due to its smart contract capabilities. In addition to Phemex, other crypto exchange platforms have recognized its potential, as users feel attracted to its low-cost transaction, staking system, governance model, and fast payments.
