By Shelly Melancon (Switzerland)
World’s foremost cryptocurrency trading platform -Binance – makes a huge move to list the SHIB token, often referred to as the DOGE-killer on the 10th of May at 11:00 AM on its platform.
The SHIBA INU token has witnessed a spike of over 60% after the trading giant announced its intention to add the token to its innovation zone.
The elite cryptocurrency trading platform today at 08:44 AM announced its intentions to list the SHIBA INU token in the platform’s innovation zone and subsequently into its USDT margined perpetual contracts with up to 25x leverage.
This listing would start the SHIB token up for trading in pairs with SHIB/BUSD and SHIB/USDT.
A few minutes just after Binance announced its decision, the meme token saw a spike of over 60% as crypto investors made moves to secure their spots before the listing. The surge saw the token increase to a new high of over $0.00002200 at the time of this update. It is speculated that the reason that influenced the decision of the trading platform to add the token is as a result of the massive amount of the token’s trading volume. At this moment Coin Market Cap estimates the market cap of Shiba Inu at over $11.96 billion which implies an over $7 billion increase in the past 24 hours.
What is Known About Shiba Inu
Also read:Recall that Dogecoin is as well a meme cryptocurrency that represents the Shiba Inu dog breed, which the SHIB developers intends to replicate. It is believed that Shiba Inu is obviously up to give Dogecoin a run for their money allowing users to hold billions of them.
Although not much is known about the SHIB, the creators however maintains that the token is an experiment in decentralized spontaneous community building created under the SHIBA INU’s ecosystem. The token is incentivized on Shibaswap which is it’s native decentralized exchange. The builders of the ERC-20 token, are optimistic of the token to out-pace Dogecoin, which explains why the token was nicknamed DOGE-KILLER.
The token developers also claims to have locked over 50% of the token’s total supply to Uniswap and threw away the keys while burning the remaining 50% to Vitalik Buterin. The reason for this is to ensure that developers don’t dump the token on the community at will.
Binance Risk Warning On SHIB Trading
As trading momentum on the token continues to increase, Binance listed some factors that investors should consider before placing their stakes on the token. These factors are to ensure that users and investors are not maintain a quick frenzy to stake on Shiba Inu without proper knowledge of the token.
Emphasizing the concentration of tokens, the platform wrote in a statement – “please note its, as, at the time of writing, the top 1, 2, 5 wallets hold 50.55, 7.0% and 305 of the total supply respectively”. Binance went ahead in the statement to stress the nature of the Shiba Inu token, mentions that the token is relatively new and would be volatile after the listing. The platform encouraged users to do their own research on the fundamentals of the token, and fully understand the project before proceeding to trade the token.
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