Japanese Cryptocurrency Exchange Adds XRP and SHIB to Its Crypto Lending Program

Popular Japanese cryptocurrency trading platform BitTrade has announced that it’s adding two major cryptocurrencies to its lending program: the native token of the XRP Ledger, XRP, and the meme-inspired cryptocurrency Shiba Inu (SHIB).

According to a recently published announcement, the firm is launching a “regular offering” of XRP and SHIB lending that allows its users to lend either token for a period of 90 days to earn an annual percentage yield of 2% on their lent holdings.

The announcement details that to lend out XRP through its platform users must apply a minimum of 100 XRP to lend, with toe total amount of applications and the maximum amount allowed to lend being of 500,000 XRP.

As for users looking to earn interest on their SHIB holdings, they would have to lend a minimum of 10 million tokens, with the maximum amount that they’re allowed to lend being 10 billion tokens.

The Japanese crypto trading platform added support for the two most popular memecoins by market cap – Dogecoin (DOGE) and Shiba Inu (SHIB) – about a month ago. This increased the number of digital assets that the exchange offers to 34.

As reported, a massive SHIB whale earlier this month moved over 4.4 trillion tokens to a wallet whose ownership hasn’t yet been identified, with the transaction being worth more than $35 million.

The transaction comes shortly after the burn rate of the meme-inspired cryptocurrency  surged to a whopping 14,380% over a 24-hour period after the lead of the project’s marketing team unveiled an ambitious strategy for 2024 and 2025.

XRP, on the other hand, has been forecasted to soon see a “mega pump” by a cryptocurrency analyst who used technical analysis to reach his conclusion.

Featured image via Unsplash.

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