Shiba Inu (SHIB) has been listed on three different cryptocurrency exchanges in the past 48 hours after an explosive 966% surge over the same period pushed the token to 18th place in market capitalization rankings.
Dubbed the “Dogecoin Killer,” Shiba’s immediate addition to Binance surprised viewers on May 10, many of whom were expecting a more in-depth listing process from the world’s largest crypto exchange.
All the more surprising was Binance’s decision to list the token immediately, the fact that 50% of the SHIB token offering is in the hands of one person.
The Shiba team purposely sent 50% of the 1 quadrillion token shipment to Ethereum co-creator Vitalik Buterin in order to withdraw the tokens. The other 50% was apparently sent to the Uniswap app to provide liquidity. The authors claim to have created a decentralized token, the fate of which is decided solely by the market.
Binance founder and CEO Changpeng Zhao commented on Shiba Inu on Monday, telling his Twitter audience that the exchange was just meeting user demand. Zhao said the demand for SHIB is so high that Binance no longer has any deposit addresses for the Ethereum-based token:
“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 don’t support it. Super high risk. NFA, ”he added.
Shiba Inu’s recent appearance came new on the backdrop of the rise of Dogecoin (DOGE). Like Dogecoin, Shiba Inu is adorned with a variation of the Shiba Inu dog meme. Like Dogecoin, Shiba awoke from months of inactivity and hit an all-time high on April 20th (i.e. 4/20 days). On the same day, Dogecoin hit an all-time high of $ 0.420.
But what is there for Shiba Inu other than funny dogs and crazy percentage gains? Well, the project’s “woofpaper” alludes to the creation of ShibaSwap, a decentralized exchange where SHIB holders can exchange tokens and participate in income farming. The exchange is currently undergoing “security tests, audits and final updates” according to the project’s website.
In addition to SHIB, the project also includes a multi-token system consisting of BONE and LEASH. All three are expected to be used as part of Shiba Inu’s yield farm.
In addition to Binance and FTX, the OKEx exchange also fell in line, listing Shiba Inu according to Tuesday’s press release.
Jay Hao, CEO of OKEx, used the term “experimental” to describe the rationale for the token listing and agreed to list “memetic” tokens.
“We are pleased to welcome Shiba Inu to the OKEx platform. I appreciate their experimental spirit which is exactly what the blockchain and the crypto space need. In exchange, we’re excited to offer a diverse portfolio of cryptocurrencies, including memetic tokens, “said Hao.
CoinGecko, a cryptocurrency data aggregator with nearly 100 million views per month, has not yet given Shiba Inu a proper listing. In any case, this is due to the fact that it has not yet been possible to determine exact circulation figures for the token.
We asked Binance how having 500 trillion SHIBs (valued at over $ 15 billion) in Vitalik Buterin’s personal wallet affected their calculations of the token’s circulation. They refused to comment on Shiba Inu-related matters.