Shiba Inu is going to throw more shade at Dogecoin. The exchange Binance has just added it to its list of tokens, resulting in a 100% price increase.
The war is well and truly declared between the two coin memes of the moment. Could Dogecoin, which is at half-mast, be wearying investors looking for a thrill? No problem, since an alternative is booming.
Shiba Inu or SHIB is making the counters go crazy in the middle of the DOGE run. The two phenomena are probably related. The two tokens have strong similarities. Volatility is one of their common points.
For investors looking to buy a token with high growth potential, the SHIB is the reference of the moment. The big exchanges, which had jumped on the DOGE bandwagon, are not unaware of this.
Binance therefore intends to accompany the demand for Shiba Inu. The exchange is now offering the token for listing. For investors, this is a signal. The cryptocurrency’s listing translates into a price explosion.
As of 8 p.m. on May 10, SHIB was up just over 100% over the past 24 hours. This growth comes on top of the growth already recorded in the previous days. According to CoinMarketCap, the increase amounts to more than 1500% over 7 days.
This is quite simply the most significant move among all crypto markets. Traders are responding with a trading volume that is close to $14 billion over 24 hours.
The total capitalization of SHIB is now approaching $11 billion, for a token price that remains paltry: $0.00002721. And Dogecoin during this time? It continues its decline. On May 10, it lost 11% to $0.47. Its capitalization has melted to $61.9 billion.
However, the game is not yet up for DOGE, which has a large following. Over 7 days, the trend also remains positive at more than 20%. Moreover, the token has already experienced episodes of decline.
Nevertheless, the SHIB is competing on its own ground, offering the same qualities of volatility and therefore potential returns. Investors are aware of this. And if need be, the boss of Binance wants to remind them.
No question for Changpeng Zhao to praise the cryptocurrency. It is simply to respond to the demand: “We do not approve of it. Very high risk,” he wrote on Twitter. But users are literally flocking to SHIB.
“There are a large number of users requesting it, so much so that we are running out of ETH deposit addresses due to SHIB today. This has never happened before for any other ERC20 coin,” Binance’s CEO points out.