Binance has added the ability to trade the Shiba Inu digital coin today. In almost two hours, the price of the cryptocurrency reached $ 0.000037. The cost of the Shiba Inu token, which is considered a clone of Dogecoin, has grown by 164% in the last 24 hours, and by 1550% in a week.
Thus, Shiba Inu climbed to the 18th line of the CoinMarketCap rating with a capitalization of $ 11.6 billion.
On May 10, the Shiba Inu trading began in the innovation zone of the Binance cryptocurrency exchange. However, the company warned that the asset is subject to “higher volatility and greater risk”. Users should exercise sufficient caution. Some research needs to be done on the basics of SHIB. And fully understand the project before trading the token.
Following Binance’s listing, SHIB has been announced by Crypto.com.
Huobi Global was one of the first to announce the listing of the new coin. Here, trading in the coin began on May 8. Later, information about the Shiba Inu listing appeared on the official KuCoin tweet.
So, several leading cryptocurrency exchanges announced the listing of a new SHIB token.
The digital coin is associated with Dogecoin, since the logo of the latter depicts a Shiba Inu dog. Previously, analysts wrote that the excitement around Dogecoin caused prices to skyrocket for some tokens of copycat projects. SHIBA holders were among the beneficiaries of the rally.
Also earlier, the Shiba Inu token has risen in price by 70% in just an hour after the publication of Tesla CEO Elon Musk on Twitter. The entrepreneur wrote that he was looking after a Shiba Inu puppy.
As stated on the project’s website, the SHIB token is an internal token of the ShibaSwap decentralized exchange and serves to reward platform users. The developers themselves call the coin the Dogecoin killer. The coin costs less than a cent and can outperform Dogecoin very quickly.
To match the market trend as much as possible, ShibaSwap marketers used the image of the Shiba Inu dog, which is also the logo of the Dogecoin coin. Thus, the project team intends to repeat the success of its main “dog” competitor.
It seems that the hopes of the developers are not in vain. As we can see, within a few days the value of the SHIB coin has increased in value. Shiba Inu has overtaken coins such as Maker, Dash, ZCash and others in terms of trading volume.
Dogecoin is ready to fight Shib
At the same time, Dogecoin is not going to give up its positions and is ready to engage in a fight with its “brother”. Note that over the past year, the DOGE rate has grown by an impressive 24 610%. Meanwhile, back in January, the coin rate was close to zero. In February the price exceeded $ 0.05, and in April it rallied, having risen in price eight times to $ 0.40 and only then retreated.
Dogecoin fans have recently crashed the Indian cryptocurrency exchange, making a record number of transactions in a short period of time.
The coin partially won back the losses incurred after Elon Musk’s performance on the show on Sunday, May 9. News that SpaceX has partnered with Dogecoin developers helped the coin recover from $ 0.43. The launch of the new cube satellite will be paid in full at Doge.