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Chinese Crypto Traders Pounce on SHIB Coin ‘Doge Killer’ - TCR

Altcoins

www.thecoinrepublic.com 11 May 2021 11:07, UTC
  
Reading time: ~2 m

  • SHIB token recently got listed on the three most popular cryptocurrency exchanges among Chinese users.
  • SHIB token is said to be inspired by meme-based cryptocurrency, DogeCoin.
  • Its low price enables users to buy large numbers of these.

Shib token saw a whopping rise of 1986.60% in the last week, whereas DogeCoin saw a growth of a mere 6.85% in the same duration.

The claimed Doge-killer

Shiba token started as a parody to DogeCoin, which started as memes based on the Shiba Inu breed of dogs, but it has started getting a lot of investment from Chinese investors. And it also got listed on Binance on Monday after listed on Huobi and OKEx.

Its price nearly doubled on Huobi after Binance launched trading in it.

The missing identity

Even though it has garnered a lot of media coverage, Its website has no information on anyone associated with it. For a sector where scams of this kind are very, the investors need to be very cautious to whom they hand over the control to their money. The CoinGecko reported it could have a maximum of 1 quadrillion token but has no information about its market cap.

Shib token has its own Elon Musk

Xue Manzi, the Chinese billionaire, and investor mentioned its growth in multiple posts on his social media. He is one of the most famous investors in china and is quite popular on Chinese apps like Weibo and WeChat. Alike how dogecoin got its boost by the tweets from Elon Musk, CoinDesk reported that Shiba saw similar trends after Xue Manzi posted about its growth on Weibo, where his page has more than 11 million followers.

CoinDesk reported local Chinese traders are referring to it as S**tcoin. Though, it seems to have no negative impact on its parabolic growth.


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