With a rally of 146.3% on the daily chart and consistently high volatility, Shiba Inu (SHIB) was listed in Binance, Huobi and FTX. Almost immediately after the announcement, the “bad” version of Dogecoin (DOGE) made new all-time highs and moved to lower lows and higher highs as news of the listing spread.
SHIB works under the ERC-20 standard with a total supply of around 1,000,000,000,000,000 coins. However, data from CoinGecko shows that Shiba Inu’s actual offering is unknown. It was previously available at the decentralized exchange Uniswap.
According to Binance’s official announcement, SHIB and DOGE share similarities, both are considered “meme” coins and appear to have strong support from their respective communities.
Unlike DOGE, Shiba Inu is ShibaSwap’s native token and will be part of the incentives users get to trade on this decentralized exchange. Binance claims that Shiba Inu’s overall offering is already in full circulation.
The exchange made it clear that around 60% of their offering 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 consists of LEASH, a limited supply token to provide users with special rewards, and BONE, a separate token with details that have yet to be disclosed.
Data from Shib Informer says SHIB owners have grown to 283,500 in the past 24 hours, with the price up 156%. At its peak, the trading volume was high enough to place this token at number 19 and later at number 15 in Coinmarketcap.
If so, the data supports Binance Exchange CEO Changpeng Zhao. He said the following on the Shiba Inu list:
Some have raised concerns about the listing of $ SHIB. We follow users. There are a large number of users requesting this, to the point where we no longer have ETH deposit addresses today due to SHIB. Never before for any other ERC20 coin. I do not support it. Super high risk. NFA.
“CZ” later made it clear that he did not own the coin, but wanted to offer a “neutral market”. The decision of the stock exchange was heavily criticized. Many asked similar questions about the legitimacy of the project and believe, like the critics of DOGE, that this could “hurt” the crypto industry in the long run. The economist Michaël van de Poppe said the following:
My position on $ SHIB? Everyone should do what they want if they want to. However, things like $ DOGE, $ SHIB, #SafeMoon are taking the limelight from the decentralized future that we want to build. And 90% of people will lose money for it.
At the time of writing, Shiba Inu is trading at $ 0.000033 with massive gains in the lower and upper time frames.