Cardano’s bullish outlook as Bitrue plans to list DJED and SHEN

Cardano's bullish outlook as Bitrue plans to list DJED and SHEN

  • DJED is Cardano’s algorithmically over-collateralized stablecoin.
  • DJED will use SHEN as a backup currency.
  • DJED is expected to launch on the mainnet this month.

The price of Cardano (ADA) rose 7.7% in the past week and 45% in the past month as the overall recovery of the crypto market gains momentum. It is among those currencies that have gained the most market recovery since the beginning of 2023.

However, in addition to the general market recovery, Cardano’s bullish sentiment is also supported by the stable launch of DJED on the mainnet scheduled for this month. And just before the launch, Bitrue, a popular crypto exchange based in Singapore, announced plans to list the DJED stable together with SHEN, its backup coin.

Biotrue to list DJED stablecoin

Bitrue revealed its plans to list DJED through official blog release on its website and a subsequent tweet from COTI Network about the same.

This will ensure that Bitrue will be the first cryptocurrency exchange to list the highly anticipated stablecoin upon its launch. However, since the stablecoin is yet to be launched, the exchange will announce the listing soon after the launch of the stablecoin.

Bitrue has had a long-term relationship with the Cardano network as well as the Cardano community which may have led to the plan to list DJED and SHEN. The exchange announced ADA as one of its base currencies last February and a few months after adding 1 million ADA to several ADA staking pools to support the decentralization of the Cardano network.

Apart from listing the two coins, Bitrue plans to introduce DJED and SHEN lobbies in the future.

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