Meme Crypto Asset Surges 167% After Abrupt Binance Listing – And It’s Not Dogecoin
The price of another dog-themed token is surging after its abrupt listing on global crypto exchange Binance.
On Monday, Binance announced that Shiba Inu (SHIB) is available for trading for the SHIB/BUSD (Binance USD) and SHIB/USDT (Tether) trading pairs.
Shiba Inu (SHIB) is a meme coin created in a similar spirit as Dogecoin (DOGE). According to its website, it plans to outperform DOGE while enabling traders to hold billions or even trillions of the meme crypto asset.
According to CoinGecko, Shiba Inu (SHIB) soared from a low of $0.00001405 on May 10th to as high as $0.00003755 on May 11th, marking an increase of 167% after the Binance listing. The Dogecoin competitor has retraced since, and it is now trading at $0.000027.
Binance CEO Changpeng Zhao says that the exchange decided to add the new meme cryptocurrency because of high demand from traders.
“Some have voiced concerns about SHIB listing. 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 ERC20 coin.”
The Binance head adds that the listing does not mean that he is endorsing the Dogecoin-inspired (DOGE) cryptocurrencies. He also warns traders about the risk of buying coins that they do not fully understand as these crypto assets can be super high risks investments.
“Disclaimer: I do not own any DOGE or SHIB. I am/we are neither for or against them. Just providing a neutral marketplace.”
Shiba Inu is not the only dog-themed crypto asset that has seen its value meteorically rise as of late.
One new dog-related coin, Baby Shiba Inu (BHIBA), surged from $0.00000735 to as high as $0.0000794, representing an increase of more than 980% in the last 48 hours.
BHIBA is currently trading at $0.00005013, with a total daily volume of $20.32 million.
Joining BHIBA are several meme coins, including KEANU, which printed 27,200% gains in one day from $0.0000000000001 on May 10th to $0.0000000000273 on May 11th. The meme coin is now trading at $0.0000000009257 with a daily trading volume of $23.41 million.
Another dog meme-focused coin, Hokkaida Inu (HOKK) was trading at $0.0000000015 on May 9th and rallied 373% to $0.0000000071 by May 11th.
Kishu Inu (KISHU) rallied from $0.0000000039 to $0.000000012 in less than 24 hours, a gain of 207%, before correcting.
Akita Inu (AKITA), another dog-related meme coin, exploded nearly 10x from $0.000003 to $0.000029 in less than 24 hours.
The explosion in dog meme related crypto assets has conflicted the cryptoverse. Michael Saylor, CEO of Microstrategy who has the second largest corporate holding of Bitcoin, said recently that Dogecoin was good for the industry. According to him, it was making crypto fun, and drawing in lots of newbies to the space.
Meanwhile, Cardano creator and Ethereum co-founder Charles Hoskinson was critical of DOGE, saying it was attracting many new people to the space for all the wrong reasons, referring to it as an “existential threat.”
While Tesla CEO Elon Musk is a huge supporter of Dogecoin (DOGE), he recently issued a warning to his followers about investing in cryptocurrencies.
“Cryptocurrency is promising, but please invest with caution!”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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Author: Daily Hodl Staff