Shiba Inu fans have more reason to cheer. The popular meme coin has gained entry into Hong Kong’s newly launched rating agency HKVAC.
With this Shiba Inu joined the top 30 cryptocurrencies including the prominent ones such as XRP and Cardano’s ADA.
Other assets listed include WBTC, BTCB, stETH, BCH, LTC, BNB, MATIC, ATOM, FIL, NEAR, ALGO, ICP, DOGE, DOT, WTRX, TRX, LINK, LEO, XMR, XLM, OKB, LDO, HBAR, VET, QNT, FTM, EOS.
Recently, well-known cryptocurrency writer Colin Wu claimed that the organization has the backing of powerful individuals like Hong Kong legislator Johnny Ng as well as key participants in the market like Huobi and KuCoin.
However, the index is not affiliated with any government agencies and does not have any official regulatory status, he added.
The criteria for the assets to be listed in the index are as follows. According to sources, the team examines the assets included in the index on the last day of each quarter.
This is to make sure that, in addition to being among the cryptocurrencies with the biggest market capitalization, these assets also satisfy the consortium’s unique qualification standards.
Elaborating further HKVAC said, “A cryptocurrency asset must have a minimum three-month market capitalization of $10 million on a daily average. If the condition is not met, the next cryptocurrency with the largest market capitalization is added to the index.”
In terms of the crypto asset’s liquidity, HKVAC mandates that the asset must have “a median daily value traded [MDVT] of at least US$ 100,000 over three months.”
Shiba Inu’s listing, alongside several other large-market cap digital assets, is reflective of its growing popularity and the numerous initiatives that have been launched to broaden its use cases.
Shiba Inu’s Endeavor To Move Beyond Its Memecoin Status
Whether it’s the native NFT project Shiboshi or the real-world assets collaboration endeavor Shibcals, the SHIB ecosystem is buzzing with activity.
Besides that, the team also reminded the community of a major release together with the Shibarium Layer 2 protocol mainnet or right before it.
The “Worldpaper,” as it is known, will be a thorough reference for all facets of SHIB and would be promoting SHIB and its ecosystem of tokens, products, platforms, and services.” within the cryptocurrency community.