A new Ethereum based meme coin is looking like what will be the next Dogecoin, Shiba Inu has been listed on two very important cryptocurrency exchange platforms that include Binance and FTX. Binance listed the currency in its innovation zone, this presents some limitations for its trading. On the other hand, FTX listed it as a full-fledged cryptocurrency, it can be traded on the platform in full fledge. On FTX it also includes spot market and perpetual futures to trade with it.
During the last weeks, Shiba Inu has witnessed a hike in prices and it has skyrocketed by almost 1500 percent. The growth has been dwarfed in the last couple of months but this recent spike in price has seen the cryptocurrency rise by 40,000 percent since launch. New investors are seeing this as an interesting opportunity because of the outstanding price action. They see this as a way of grabbing the bull by the horn especially after they missed the Dogecoin pump.
Shiba Inu was launched in August 2020, and boast a market cap of 1,000,000,000,000,000, this has played a very important role for the coin to gain notoriety and validity in the meme coin market. 50% of the issued tokens were given to Vitalik Buterin one of the founders of Ethereum. He has control of more than 8 billion dollars in Shiba Inu currency. This made him richer in Shiba Inu than he is in Ethereum.
After listing the new cryptocurrency on Binance the CEO Zhao faced serious criticism from people that believe this new currency is a rip-off of Dogecoin. Changpeng Zhao quickly responded to the critics on Twitter stating that Binance was just responding to the demands of users asking for it to be available for trading.
‘’We follow users. There is a large number of users demanding it, to the point where we ran out of ETH deposit addresses due to SHIB today. Never happened before for any other ER20 coin.’’
He also argued that the work of the exchange platform is to provide a ‘’neutral’’ place for the users to do their trading business. He urged users to do their own research before their own research about new tokens and advised users not to buy coins they don’t understand. Binance once faced backlash after listing the currency Sushi last year, which according to some people skipped due diligence procedures.
Let Us know in the comments if you will invest in this rising Cryptocurrency
