What is the Shiba Inu Coin — And Why Are Big Exchanges Noting It?
At press time, Shiba Inu, SHIB, is the 18th largest cryptocurrency by market capitalization. SHIB’s existing market cap is $12 billion. So what is the strange Shiba Inu Coin?
Increasing popularity of the coin has caused it being dubbed a “meme coin” by social media.
A meme coin, SHIB functions similarly to Dogecoin, DOGE, which is currently the 4th largest cryptocurrency with a market capitalization of $65 billion.
Using a SHIB token, users can hold Billions and even Trillions of them, as according to the SHIB token site; “SHIB is an experiment in decentralized spontaneous community building. These tokens are our first and the users can hold them in huge amounts.”
Furthermore, “We burned 50% of the supply to Vitalik Buterin”, and “we locked 50% to Uniswap and tossed the essential away”.
In recent days, three of the big cryptocurrency exchanges have noted SHIB on their platforms, keeping pace with the high demand.
In the midst of a crypto boom, Binance, the largest crypto exchange based on market cap, recently noted SHIB token on its platform.
Although Binance noted SHIB, it lacked Ethereum deposit addresses.
“ We follow our users. A great deal of people wants SHIB, and we lacked ETH deposit addresses today because of SHIB. Never occurred prior to for any other ERC20 coin.”, CZ Binance tweeted.
Following the big demand on the USDT market, KuCoin likewise listed the SHIB token on May 10th. The KuCoin listing of SHIB triggered a huge trading volume of $100,000,000.
According to OKEx CEO Jay Hao, “we are happy that the SHIB token has actually been listed on our platform, to open the crypto gateway to enthusiast investors.”
Shiba Inu’s experimental spirit is simply what the blockchain and crypto area needs, he included, which even more highlighted why the OKEx platform invited them to the platform.
SHIB’s high and low in the last 7 days are $0.00000155 and $0.00003532, respectively. Its price has increased by 44% because period. It is a meme coin, so trade at your own threat, as this is an NFA.
