• “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.

Shiba Inu USDT

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.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Ethereum price downside risks resurface amidst falling investor interest

Ethereum price downside risks resurface amidst falling investor interest

Ethereum price is trading marginally above $1,300 after its bullish shoots were slashed at $1,400 on Tuesday. The presence of immense buyer congestion at $1,255 cut short the pullback that may very well have tagged $1,200. 

More Ethereum News

This best-case scenario for Litecoin price forecasts a 20% drop

This best-case scenario for Litecoin price forecasts a 20% drop

Litecoin price action over the last few weeks paints a bearish picture, as discussed in our previous article. Since then, LTC has triggered a breakout and is likely to continue heading lower.

More Litecoin News

Shiba Inu price: Ethereum whale swallows 272 billion SHIB, becomes investors’ favorite

Shiba Inu price: Ethereum whale swallows 272 billion SHIB, becomes investors’ favorite

Large wallet investors on the Ethereum network are keen on accumulating Shiba Inu. The 130th largest Ethereum whale scooped up 272 billion Shiba Inu coins overnight. Analysts retain a bullish outlook on the altcoin. 

More Shiba Inu News

Dogecoin price provides sidelined buyers another opportunity before a 50% rally

Dogecoin price provides sidelined buyers another opportunity before a 50% rally

Dogecoin price undid its gains seen between September 21 and 24 as it came tumbling down, following the footsteps of Bitcoin price. This downtrend has provided sidelined buyers a chance to accumulate before the inevitable explosion of bullish momentum.

More Dogecoin News

Bitcoin makes a bullish comeback amid regulatory tension, but lacks confirmation

Bitcoin makes a bullish comeback amid regulatory tension, but lacks confirmation

Bitcoin price takes the first step to recovery but needs solid confirmation that will arrive after a flip of the $19,539 level into a support floor. After a successful flip, investors could expect a move up to an intermediate hurdle at $20,737.

Read full analysis

BTC

ETH

XRP