Shiba Inu (SHIB), ApeCoin (APE), and LUNC gained new support in January as Australian crypto exchange Cointree lists them on its platform. Cointree announced the news via Twitter recently.
Cointree is among the oldest crypto exchanges in Australia, based in Melbourne. It began operation in 2013 and offers over 280 cryptocurrencies on its platform, including the latest additions (APE, LUNC, and SHIB). In 2017, the exchange launched a learning hub that teaches and guides crypto enthusiasts on basic cryptocurrency subjects.
This development is not SHIB’s first Australian recognition. Earlier in December 2021, CoinJar, Australia’s oldest crypto exchange, announced the listing of Shiba Inu on its platform via Twitter. CoinJar also added six other cryptocurrencies, which include Cartesi (CTSI), Fetch.ai (FET), Origin Protocol (OGN), Audius (AUDIO), OXT, and Quant Network (QNT).
Shiba Inu’s (SHIB) price has significantly increased in the past 24 hours and is trading at $0.0001239. SHIB is among the coins to see massive rallies this month. The crypto asset has added 21.8% over the past seven days and 28% in the last 14 days.
LUNC, a token that emerged after the rebranding of the original Terra chain to Terra Classic, is soaring after a decline on the 24-hour chart. LUNC’s price soared 3% on January 10 after announcing new integration on the network. The token has added 11.4% over the past 14 days and a 23.8% 30-day price gain.
Apecoin finds its utility at the forefront of the Web3 ecosystem through arts and entertainment. The token has also surged in price since the beginning of January. It is currently maintaining a 24-hour price decline of 0.33%, a 14-day gain of 27.6%, and a 30-day spike of 41.6%.
All newly listed tokens have seen favorable 30 days performance records. These coins’ performances might have partly influenced their listing on the Australian exchanges platform.
Research has shown that Australians are very crypto-curious, with over 1 million citizens owning at least one cryptocurrency. According to Ray Morgan’s study, millions of Australians treat digital assets as investments. However, the highly volatile and relatively unregulated environment in the crypto market has hindered further expansion in the country.
As per reports, crypto regulation has been part of the government’s agenda, but it has met obstacles because regulators struggle to understand the market.
Moreover, crypto tax obligations are confusing and hard to understand for non-crypto experts. However, after the FTX implosion, the Australian government became earnest in its crypto regulatory pursuit.
As the industry continues to grow, Australia vies to be a global leader in crypto certifications and regulatory and consumer protection measures. The government has put regulatory measures in place for crypto custodians and exchanges to protect its citizens who trade in digital assets.
In December 2022, the Australian Treasury hinted at its plans to begin consultation on legislative reforms. It aimed to strengthen consumer protection standards for crypto custody arrangements and tighten its regulation over crypto exchanges. According to the report, the government will create a licensing framework for crypto exchanges in 2023.
Cointree’s new tokens listing comes as Australia anticipates a new regulatory framework for exchanges and the broader crypto industry.
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