Dogecoin-Killer Shiba Inu (SHIB) Shoots 18 Times, Major Exchanges Announces Listing
This week, another major meme-cryptocurrency Shiba Inu (SHIB) has caught the attention of the market investors. Just in the last three days since May 7, the SHIB price has skyrocketed 18 times taking the altcoin space by storm.
As press time, SHIB is trading at an high of $0.000035 with its market cap crossing $13 billion. This gives Shiba Inu (SHIB) a place in the top-20 cryptocurrencies by market cap. Interestingly, the SHIB price rally came at a time when Dogecoin (DOGE) entered a sharp correction after hitting an all-time high of $0.70 last week.
Popular as the Dogecoin-killer, the Shiba token (SHIB) is basically a system of ERC-20 meme coins that started as an experiment for creating a decentralized community. SHIB is the first cryptocurrency to be hosted on ShibSwap - Shiba Inu’s own decentralized exchange.
To ensure a fair distribution of its tokens, the Shiba Inu founders put 50% of the SHIB tokens in the Uniswap decentralized exchange. The remaining 50% have been burned in honour of Ethereum-founder Vitalik Buterin.
Over the last week, a number of major crypto exchanges have announced their support and listing of the SHIB cryptocurrency. On Monday, May 10, crypto exchange Binance announced listing SHIB in the Innovation Zone. The exchange announced two trading pairs SHIB/BUSD and SHIB/USDT.
However, issuing a warning to all investors, Binance wrote: “SHIB is a relatively new token that poses a higher than normal risk, and as such will likely be subject to high price volatility after the Binance listing. Please ensure that you exercise sufficient risk management, have done your own research in regards to SHIB’s fundamentals, and fully understand the project before opting to trade the token”.
Similarly, world’s leading crypto spot and derivatives platform OKEx also announced support for SHIB over the last weekend. The exchange opened deposits for SHIB which can now be traded against Tether’s USDT stablecoin on the OKEx spot and perpetual swap markets.
OKEx CEO Jay Hao said: "We are pleased to welcome Shiba Inu to the OKEx platform. I appreciate their experimental spirit, which is exactly what the blockchain and crypto space needs. As an exchange, we are delighted to be able to offer a diverse portfolio of cryptocurrencies, including memetic tokens, to allow a comprehensive investment experience for our valued customers. The Shiba Inu community has been gaining strong momentum from the weekend deposits, and we look forward to witnessing its robust development. We are happy to be the first major exchange to offer SHIB to open the crypto gateway to these enthusiasts”.