In a major development for Shiba Inu, and what has been defined as a huge success, its native digital token has been added to the Virtual Asset Index by HKVAC. This is short for Hong Kong Virtual Asset Consortium. The reason why this is being called a huge success is that the Index is known to include digital assets only for their reliability and performance.
On top of that, digital tokens have to maintain a daily market capitalization of $10 million during a period of 3 months, that is, a quarter. In a situation where the listed token fails to fulfill this criterion, then the subsequent token is listed on the Index.
Moreover, the digital token is required to maintain an MDVT of a minimum of $100,000 for three months. MDVT here refers to Median Daily Value Traded. It is majorly linked to the liquidity of a crypto asset.
Per reports, a total of 30 digital assets are listed in the Virtual Asset Index by Hong Kong Virtual Asset Consortium. Some of them are BNB, MATIC, ATOM, ADA, DOT, and VET, among many others. SHIB is now one of the listed digital assets.
The qualifying criteria are set by the consortium, which is simultaneously responsible for reviewing the performance and reliability of the listed digital assets on the last day of every quarter. HKVAC is additionally tasked with measuring the significant risks associated with the tokens, giving it a full-fledged crown of being a rating agency specifically for cryptocurrencies and their platforms.
Launched in August 2020 by Ryoshi, the pseudonymous SHIB has come a long way in attaining the status of a mainstream token. The dog-themed altcoin has grown tremendously across the globe and is backed by several initiatives undertaken to boost its use cases & utility among community members.
The buying interest for the token has skyrocketed as many holders, or traders, are making the switch to Shiba Inu’s native token. The result is that SHIB has outperformed other altcoins in the market, registering a double-digit growth of 15.36% in the past week.
Assuming situations and factors align perfectly in the days to come, Shiba Inu forecast estimates that the trading value could go as high as $0.000020. However, the one-dollar mark is far from being achieved during this decade.
This comes days after a SHIB-related scam came to light. Malicious actors have reportedly created a fake page of the token with the goal of misleading investors and running the future of the ecosystem. Screenshots have been posted by the community, and members have been requested to report the account. Or, at least, not engage with the account created on Twitter.
The bullish milestone achieved by Shiba Inu could very much be a result of the active community keeping an eye out for its ecosystem.