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Following the announcement by crypto exchange Binance, The DOGE imitator Shiba Inu token gained nearly 1,000% in the past 48 hours. Emerged with the self-applied label of “Dogecoin Killer,” the up to the minute cryptocurrency ‘succeeds’ on laughs alone is making its way to Binance.
Shiba Inu Token Pumps over 966% Within a Short Period of 48 Hours
According to the latest statistics, Shiba Inu (SHIB) secured its position in the top 20 rankings of cryptocurrencies merely two days ago. In a short span of 48 hours, the SHIB token showed a rise of 1,000% trading from a valuation of $0.000003 to $0.000032. This rise in the value-added over 2,300,000% growth since the beginning of the year.
As soon as Binance declare listing SHIB in its innovation zone (a high-risk trading feature) yesterday morning, the token’s valuation increased more than double in the space of two hours, mounting from $0.000013 to $0.000032.
As per the claims of the Shiba Inu website, 50% of the token supply has been irretrievably locked into Uniswap to supply liquidity. Another 50% has been sent to Ethereum co-creator Vitalik Buterin as a “burn” gesture. However, Buterin still has full access to the funds.
The Dogecoin Killer or Shiba Inu is an Experiment in Decentralized Community
As per the Binance announcement said of Shiba Inu:
“SHIBA INU (SHIB) is an experiment in decentralized community building and another meme coin similar to Dogecoin. SHIB is the native token of SHIBA INU and will be the first token to be listed and used as an incentive for using ShibaSwap, a decentralized exchange.”
“Please note that, as of the time of writing, the top #1, #2 and #5 wallets hold 50.5%, 7.0%, and 3.0% of total supply respectively,” it adds.
At present, 500 trillion SHIB tokens in Buterin’s public wallet are currently evaluated at over $15 billion. The value is majorly exceeding the value of the Ether (ETH) holdings, which presently worth just over $1.3 billion.