Binance Lists SHIB, Will It Become The Next DOGE?
With a 146.3% rally in the daily chart and high volatility across the board, Shiba Inu (SHIB) has been listed in Binance, Huobi, and FTX. Almost immediately after the announcement, Dogecoin (DOGE) “evil” version saw new all-time highs and has been moving to lower lows and higher highs, as the news of its listing spread.
SHIB operates under the standard ERC-20 with around 1.000.000.000.000.000 coins in its total supply. However, data from CoinGecko indicates that Shiba Inu’s actual supply is unknown. Previously, it was available on decentralized exchange Uniswap.
According to the official listing announcement by Binance, SHIB and DOGE have similarities, they are both considered “meme” coins and apparently have strong support from their respective communities.
Unlike DOGE, Shiba Inu is ShibaSwap’s native token and will be part of the incentives users will receive to trade on this decentralized exchange. Binance claims that Shiba Inu’s total supply is already in full circulation.
The exchange clarified that around 60% of its supply is held by the top 5 wallets. Therefore, it has a highly centralized supply, like DOGE.
SHIB, The “Dogecoin Killer”?
According to its official website, Shiba Inu is a “spontaneous” community project with the potential to be a “Dogecoin Killer”. The Shiba Inu ecosystem will be comprised of LEASH, a limited supply token, to provide users with special rewards, and BONE, a separate token with details still to be revealed.
Data provided by “Shib Informer” claim that in the past 24-hours SHIB holders grew to 283,500 with a 156% rally in its price. At its peak, trading volume was high enough to place this token in the number 19 and later number 15 position in Coinmarketcap.
If true, the data supports Binance exchange CEO, Changpeng Zhao. He said the following on Shiba Inu listing:
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. Not endorsing it. Super high risk. NFA.
“CZ” later clarified that he doesn’t own the coin, but looks to provide a “neutral marketplace”. The exchange’s decision was very criticized. Many raised similar questions about the legitimacy of the project and, like DOGE’s detractors, believe it could “hurt” the crypto industry in the long run. Economist Michaël van de Poppe said the following:
My point of view on $SHIB? Everyone should do what they want to do, when they want to do that. However, things like $DOGE, $SHIB, #SafeMoon take away the spotlight from the decentralized future we’re trying to build. And 90% of the people will lose money on it.
At the time of writing, Shiba Inu trades at $ 0,000033 with massive gains in the lower and higher timeframes.