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SHIB is another meme coin, which is very much similar to DOGE, and it is the native currency of Shiba Inu. Binance, on May 10th, 2021, announced the listing of Shiba Inu (SHIB) in the Innovation Zone, and the trading is being opened for the trading pairs SHIB/USDT and SHIB/BUSD from May 10th, 2021, at 11:00 AM (UTC). Notably, the Innovation Zone is a trading zone dedicated to the trading of new and innovative tokens by the users, which are having more volatility.
The market price of SHIB, at the time of writing, is $0.0000312 after an increase of 124% in a single day. The coin is up precisely by 1,542.5% within a week, and it managed to attain a market ranking of #19 by market capitalization. SHIB has a market capitalization of more than $11 billion as of May 10th, 2021. The trading volume has increased by more than $2.7 billion within one hour, from 8:40 AM UTC to 9:40 AM UTC. Looking at its 7-Day graph, it is pretty clear that the price is drastically increasing since May 8th.
Many people are trying to relate the rise of this coin with Elon Musk’s tweet on Saturday, which states that he is much interested in SHIBA now. Whatever the reason is, it is indeed a piece of good news for their creators because the coin is drastically increasing its value since then.
SHIB is the first token by the ShibaSwap and is more of a kind of experiment in decentralized community building. It is a token based on ERC-20 and is nicknamed 'Dogecoin Killer’. Notably, it has locked its 50% supply to the Uniswap, and the rest is burned to Vitalik Buterin, according to its official website. The Shiba Inu aims to build the best-decentralized ecosystem globally and provide a safer place for trading valuable cryptocurrencies.
SHIB coin is definitely evolved much beyond an experiment; however, it is comparatively a new token, and indeed, it poses a more significant amount of risk. Although its price is skyrocketing for few days, investors need to be careful and do proper risk management before investing in it.