- Kucoin and Binance have announced support for the Dogecoin-inspired Shiba Inu coin.
- Like DOGE, SHIB marked its ATH during the weekend before tumbling with trading volume falling by roughly 60 percent at the start of the week.
Since Dogecoin surged to become a large-cap cryptocurrency, it has inspired a new generation of coins. A number of clones of the coin have popped with the most popular being Shiba Inu (SHIB). Other clones include Kishu Inu (KISHU), UnderDog (DOG), DogeCash (DOGEC), Doge Token (DOGET), renDOGE (RENDOGE), and DogeFi (DOGEFI).
Shiba Inu is an ERC-20 standard built on the Ethereum blockchain. It is an experiment in decentralized spontaneous community building and a meme coin. The team behind the token has nicknamed it the DOGECOIN KILLER. Its website proclaims, “Many doggie wars have been waged over precious treasure and delicious goodies.”
KuCoin announced on May 10, 2021, that it was adding Shiba Inu to its platform. However, the exchange did not reveal the reason for the move. Trading at the time of press has already commenced.
— KUCOIN (@kucoincom) May 10, 2021
Binance on the other hand also announced that it was listing the meme coin in its innovation zone. The innovation zone allows for Binance users to trade and engage with newer tokens that are generally regarded as risky. Only when these tokens have proven to be stable are they fully integrated into the platform.
— Binance (@binance) May 10, 2021
Other prominent exchanges offering the coin include Huobi Global, OKEx and BitForex. It is also available on UniSwap and listed and incentivized on ShibaSwap, its decentralized exchange.
Shiba Inu price update
While it looks like it also started as a joke, the coin is beginning to gain traction. According to market data, since its launch, the token has gained by more than 940,000 percent. Furthermore, the coin reached its ATH during the weekend when it climbed above $0.0000195.
Following the new listings, there has been a big price reaction from the coin in the last few hours. At the time of press, the digital asset has added nearly 20 percent to $0.00002000 and with a market cap of just under $8 billion is ranked 26th in the market. Even more notable is the drop in daily trading volume. With this at roughly $3.6 billion, it is a 60 percent drop in the last 24 hours.
Still a new currency, and one built as a joke and experiment, Shiba Inu is untested and poses a great risk for investors who don’t have a full understanding of the crypto market. It is especially prone to extreme volatility as proven by the price and volume movement in the last few days.