Rain crypto exchange lists Shiba Inu ($SHIB)

After months of consideration, leading Middle Eastern cryptocurrency trading platform Rain has listed the meme-inspired cryptocurrency Shiba Inu ($SHIB).

Shiba Inu listed on Rain crypto exchange
Shiba Inu

Rain began exploring listing the crypto in March. A spokeswoman for the exchange indicated at the time that the backend had already been prepared to trade the coin.

Residents of Bahrain, Oman, Saudi Arabia, Kuwait, the United Arab Emirates, Turkey, Pakistan, and other countries can trade Rain. According to reports, it was Bahrein's central bank's first bitcoin exchange.

The listing comes at a time when members of the Shiba Inu community have requested the construction of a donations gateway to complement the existing burn portal.

Users who burn tokens receive "burntSHIB" tokens via the burn portal, which can be staked to earn RYOSHI tokens, a different token in the SHIB ecosystem.

Over 28.4 billion SHIB have been destroyed thus far, with users earning an APR of around 13% for deleting tokens.

Burning tokens is a common practice among projects to limit circulating supply, which, if met with similar or increased demand, could result in a price increase for the token. Token burns have long been favored by the SHIB community.

Other notable listings for the meme-inspired cryptocurrency this year include Robinhood, a retail-focused commission-free stock and crypto trading platform with which the community had fought for months.