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DOGE Imitator Shiba Inu (SHIB) Gains 1,000% On Binance

Shiba Inu (SHIB), the imitator of crypto meme coin Dogecoin (DOGE), has gained nearly 1,000% in 48 hours, as of May 10, on Binance.

It has been reported that having emerged with the self-applied moniker of “Dogecoin Killer,” the latest cryptocurrency to succeed on laughs alone is making its way to Binance.

Within 48 hours, the SHIB token went from a valuation of $0.000003 to $0.000032 — a 966% increase, which added to over 2,300,000% growth since the start of the year. When Binance announced it would list SHIB in its innovation zone (a high-risk trading feature) on Monday morning, the token’s valuation more than doubled in the space of two hours, climbing from $0.000013 to $0.000032.

However, the Shiba Inu website claims 50% of the SHIB token supply has been irretrievably locked into Uniswap to provide liquidity. The other 50% has been sent to Ethereum co-creator Vitalik Buterin as a “burn” gesture, Buterin still has full access to the funds.

Binance announced it will list Dogecoin imitator Shiba Inu in its innovation zone, while warning traders that one person holds 50% of the token supply. That person happens to be Ethereum co-founder Vitalik Buterin. — Cointelegraph (@Cointelegraph) May 10, 2021

The report said that the 500 trillion SHIB tokens in Buterin’s public wallet are valued at over $15 billion, far exceeding the value of his Ether (ETH) holdings, which were worth just over $1.3 billion. Buterin’s wallet regularly receives uninvited donations of such coins, including from numerous other Dogecoin imitators. It seems some of Shiba Inu’s perceived value stems from the notion that Buterin’s tokens will remain untouched, however, not everyone appears to be in agreement.

CoinMarketCap attributes an $11-billion market cap valuation to the token, based on a unit price of $0.00002617 and a circulating supply of 394 billion SHIB. CoinGecko has not attributed a market cap value to Shiba Inu, as it still hasn’t determined its current coin supply. Binance, which also owns CoinMarketCap, announced it would open up SHIB for trading in its innovation zone on May 10. 

Thus, the Binance announcement said:

“SHIBA INU (SHIB) is an experiment in decentralized community building and another meme coin similar to Dogecoin. SHIB is the native token of SHIBA INU and will be the first token to be listed and used as an incentive for using ShibaSwap, a decentralized exchange.”

Source: Cointelegraph | Image: Boost Up Social



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