Dogecoin’s charm is rubbing off on a handful of its spin-offs. Shiba Inu, one of the foremost offshoots of the meme cryptocurrency, is getting listed on the platform of Binance.US, the US subsidiary of the leading crypto exchange, Binance. Binance itself listed the spin-off token back in May following the hype generated around it and the original token.
Among all Dogecoin off-shoots, the Shiba Inu token is the most popular, after riding on the hype of the original Dogecoin token to create a name for itself in 2021. The token was recently listed on US-based exchange, Coinbase Pro, leading to a surge in its price soon after it was opened for trading.
Binance Global Lists Shiba Inu in May
In May, the Shiba Inu token got listed on Binance’s Innovation Zone. Crypto and derivatives exchange FTX also did the same in May as well. During the market peak in the same month, Shiba Inu’s market capitalization surged, topping out at $13.83 billion. However, the meme token’s market value crumbled by more than 80% in the wake of a big market correction later in May.
Binance leads as the number-one market for Shiba Inu as it accounts for over 20% of the token’s trading volume on only the SHIB/USDT trading pair. In 2021, the Dogecoin spin-off received listing on more than 5 exchanges including Huobi, Poloniex and a host of others.
Since the token is built on Ethereum unlike the original Dogecoin which is BSC-based, a portion of the token’s supply was donated to Ethereum founder, Vitalik Buterin. Buterin would later contribute to the token’s growth and popularity after donating a whopping $1 billion to India’s COVID-19 Fund by burning 6 billion tokens.
Elon Musk has had a huge influence on the original meme cryptocurrency which Shiba Inu has benefited from as a spin-off token. The Tesla billionaire has been the linchpin behind Dogecoin, promoting the token since the start of the year. On account of his promotion, Dogecoin hit an all-time high of $0.73 in May. In one of his tweets, Musk had tweeted about getting a dog named Floki, subtly shilling Dogecoin. Another Dogecoin spin-off named Floki Inu was created on Binance Smart Chain after the tweet about getting a dog.
Last week, Elon Musk tweeted that the dog has arrived, which led to a 100% surge in the price of the Floki Inu token. At the time, Dogecoin’s price merely increased by 5% signifying that the Tesla billionaire is losing his influence over Dogecoin. Three previous attempts at shilling Dogecoin’s price yielded no results.
Based on recent events, Dogecoin is likely to get more spin-offs. One that adopted a similar name- Dogecoin 2.0- was recently created. Since it could mislead Dogecoin investors into thinking that it is the original meme token, Dogecoin Foundation advised the dev team behind Dogecoin 2.0 to adopt a different name.