Sarah Tran
Independent Analyst
- “DOGE killer” Shiba Inu coin has reached a new all-time high as it rides on bullish momentum from recent crypto exchange listings.
- SHIB price has climbed by over 2,260% in the past week, as many investors missed out on the Dogecoin pump.
- Leading exchange Binance faces criticism over the listing of the Ethereum-based meme coin.
Demand for the Shiba Inu coin has been soaring as popular meme-based token Dogecoin has gained widespread popularity.
Shiba Inu price surges to new record high
Shiba Inu, known as the “DOGE killer,” is named after the dog breed of the canine that represents the Dogecoin cryptocurrency. SHIB price has surged massively off the back of its most recent listings on major crypto exchanges, including Binance, FTX, Huobi and OKEx.
While Dogecoin price has tumbled over 36% since Elon Musk made his appearance on “Saturday Night Live” over the past weekend, SHIB price performance has inversely climbed by 165% in the past 24 hours to a record high of $0.00003876.
SHIB/USDT 5-min chart
Shiba Inu was launched in August 2020 to outpace its canine-themed rival cryptocurrency. The official website states that 50% of the total supply has been locked in decentralized exchange Uniswap, while the other remaining half has been sent to Vitalik Buterin for burning. Shiba Inu’s official site reads:
The remaining 50% was burned to Vitalik Buterin and we were the first project following this path, so everyone has to buy on the open market, ensuring a fair and complete distribution where devs don’t own team tokens they can dump on the community.
Buterin now controls over $8 billion of the cryptocurrency, making him wealthier in Shiba Inu than in Ethereum.
The Ethereum-based cryptocurrency has seen a massive hike in prices in the past month, gaining over 45,000% in the past 30 days. Many investors see Shiba Inu as the way of getting into the enormous bull market after the Dogecoin pump. Crypto exchanges have seen the rising price and demand of the SHIB token and have decided to list the coin.
OKEX listed SHIB on May 8, just days ahead of Binance. Rick Delaney, senior analyst at OKEx Insights, said:
SHIB’s price performance over the weekend clearly shows that the crypto industry hasn’t had its fill of canine-themed meme coins just yet.
Binance faces backlash from crypto community for listing SHIB
One of the most popular crypto exchanges, Binance, has listed the meme token into its Innovation Zone and will offer trading for trading pairs SHIB/USDT and SHIB/BUSD. The leading crypto exchange also warned investors to trade Shiba Inu with caution, saying that the token “poses a higher than normal risk.”
Following the token listing on Binance, its CEO Changpeng Zhao (CZ) received criticism from the crypto community. CZ responded by saying:
Some have voiced concerns about SHIB listing. We follow users. There is a large number of users demanding it, to the point where we ran out of ETH deposit addresses due to SHIB today. Never happened before for any other ERC20 coin.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.