Uphold Delists SHIB and DOGE Amid Canadian Laws

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SHIB and DOGE in Flux: Exchange Drops Memecoins

The Canadian exchange Uphold has recently removed the memecoins Shiba Inu (SHIB) and Dogecoin (DOGE) from its platform. This decision has significant implications for the trends of these two digital currencies.

Uphold Drops Shiba Inu and Dogecoin

Uphold, a Canada-based exchange, recently announced its intention to remove several tokens, including the memecoins Shiba Inu and Dogecoin, from its platform. The exchange cited the need to comply with pre-registration requirements set by the Canadian regulatory authority as the reason for this decision. This move is aimed at facilitating the exchange’s registration in the country.

Shiba Inu and Dogecoin Maintain Their Bear Trend

A recent analysis of Shiba Inu’s price trend shows no significant movement. An examination of the TradingView chart reveals that SHIB has mainly been on a bearish trend since the start of the new year. This is confirmed by the Relative Strength Index (RSI), which has consistently remained below the neutral line during this time and continues to do so at the time of writing this article.

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Dogecoin has also been on a bearish trend since the beginning of 2024. Notably, the Relative Strength Index (RSI) indicates that DOGE has been struggling to cross back above the neutral line since January 1st. At the time of this report, the RSI was slightly above 40.

SHIB and DOGE See Less Trading

An analysis of the trading volumes of SHIB and DOGE shows similar trends with decreasing trading activity. For instance, Dogecoin’s trading volume has fallen from over $700 million in early January to around $300 million, and stood at about $322 million at the time of writing this article. Similarly, Shiba Inu’s trading volume has dropped from over $300 million in early January to around $108 million.

The developments with these two memecoins show that regulatory decisions can have significant impacts on the crypto markets. It remains to be seen how the situation will evolve and what impact this will have on the price development of SHIB and DOGE.

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