With 146.3% rally in the daily chart and high volatility across the board, Shiba Inu (SHIB) is listed in Binance, Huobi and FTX. Almost immediately after the announcement, the Dogecoin (DOGE) “rogue” version saw new all-time highs and is moving to lower and higher levels as news of its listings spread.
SHIB operates under standard ERC-20 with approximately 1.000.000.000.000.000 coins in its total supply. However, data from CoinGecko indicate that the actual supply of Shiba Inu is unknown. Earlier, this decentralized exchange was available on Uniswap.
According to the official list announcement by Binance, SHIB and DOGE have similarities, they are both considered “meme” coins and apparently receive strong support from their respective communities.
Shiba Inu, unlike DOGE, is the original token of ShibaSwap and will be part of the incentive users receive on this decentralized exchange. Bynnes claims that the total supply of Sheeba Inu is already in full circulation.
The exchange clarified that about 60% of its supply is held by the top 5 purses. Therefore, it has a highly centralized supply, such as DOGE.
SHIB, “Dogcoin Killer”?
According to its official website, Sheeba Inu is a “spontaneous” community project with the potential to be a “dogcoin killer”. The Shiba Inu ecosystem will include LEASH, a limited supply token, offering special rewards to users, and BONE, a separate token with details still to be revealed.
Data provided by “Shib informants” claim that SHIB holders’ price has risen by a 156% rally to 283,500 in the last 24 hours. At its peak, trading volume was enough to stay at number 19 and later at number 15 in Coinmarketcap.
If true, the data supports Changpeng Zhao, CEO of Binance Exchange. He said Shiba Inu list the following:
Some have raised concerns about SHIB listings. We follow users. A large number of users are demanding this, up to the point where we ran out of ETH deposit addresses due to SHIB today. Never before for any other ERC20 coin. Are not supporting it. Super high risk. NFA
“CZ” later clarified that he does not own the coin, but wants to provide a “neutral market”. The exchange’s decision was heavily criticized. Many raised similar questions about the legitimacy of the project and, like DOGE convicts, believe it could “hurt” the crypto industry in the long run. Economist Michael van de Pope said written below:
My perspective on $ SHIB? Everyone should do what they want to do, when they want to do it. However, things like $ DOGE, $ SHIB, #SafeMoon snatch the headlines from the decentralized future we are trying to make. And 90% of people will lose money on it.
At the time of writing, Sheeba Inu trades at $ 0,000033 with massive gains in the low and high timeframes.