Binance Listed Shiba Inu SHIB Token, Will It Become The Next DOGE?

Binance listed Shiba Inu SHIB token after a 146.3% rally in the daily chart and massive volatility across the board. The SHIB token was listed on FTX, Huobi and now Binance, and right after the announcement, we saw DOGE setting new lows as the news spread so let’s read more in our latest altcoin news today.

SHIB operates under the ERC20 standard with about 1.000.000.000.000.000 in total supply. However, the data from CoinGecko shows that the Shiba Inu actually supply is unknown. Previously, it was available on decentralized exchanges like Uniswap. As per the official listing announcement, Binance listed Shiba Inu- SHIB and but we cannot turn a blind eye that this coin and DOGE have plenty of similarities as they are both considered meme coins and have strong support from their communities.

Unlike DOGE, SHIB is a ShibaSwap native token and will be a part of the incentive for users to receive trade on the decentralized exchange. Binance claimed that Shiba Inu’s total supply is now in full circulation. The exchange noted that around 60% of the supply is held in the top 5 wallets and it has a highly centralized supply similar to DOGE. According to the official website, Shiba Inu is a very spontaneous community project with the potential to be a DOGE killer. The SHIB ecosystem will be comprised of LEASH which is a limited supply token to provide the users with special rewards as well as BONE is a separate token with details to be revealed.

The data provided by Shib informer, a claim that in the past 24-hours shows that SHIB holders grew to 283,500 with a 156% rally in the price and the trading volume was high enough to place the tokens in the number 19 and 15 position on CoinMarketCap. If true, the data supports Binance exchange CEO Chengpang Zhao as he said:

“Some have voiced concerns about the $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. Not endorsing it. Super high risk. NFA.”

He later clarified that he doesn’t own the coin but he stands on a neutral marketplace with the exchange’s decision being criticized. Many raised similar questions about the legitimacy of the project and some even say that DOGE could be hurt in the long run. Economist Michael van de Poppe said:

“My point of view on $SHIB?  Everyone should do what they want to do, when they want to do that. However, things like $DOGE, $SHIB, #SafeMoon take away the spotlight from the decentralized future we’re trying to build. And 90% of the people will lose money on it.”