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Binance Announces Listing of Dogecoin Competitor Shiba Inu Coin and Its Perpetual Futures

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by Bhushan Akolkar · 3 min read
Binance Announces Listing of Dogecoin Competitor Shiba Inu Coin and Its Perpetual Futures
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Amid Dogecoin (DOGE) correction, the Shiba Inu meme crypto SHIB is getting massive attention and has surged 22 times in just the last three days. Thus, exchanges have rushed to list this new Dogecoin killer.

On Monday, May 10, the world’s largest cryptocurrency exchange Binance announced listing the Dogecoin killer Shiba Inu (SHIB). The Dogecoin rally in recent times has also drawn attention to its competitor SHIB. The native token of the Shiba Inu network has surged massively.

As per the announcement, Binance will list the Shiba Inu crypto in the Innovation Zone while opening up trading for SHIB/USDT and SHIB/BUSD trading pairs. Binance Innovation Zone usually lists new innovative projects with tokens having higher volatility and higher risks. Thus, assigning a warning to all users trading SHIB crypto, Binance wrote:

“SHIB is a relatively new token that poses a higher than normal risk, and as such will likely be subject to high price volatility after the Binance listing. Please ensure that you exercise sufficient risk management, have done your own research in regards to SHIB’s fundamentals, and fully understand the project before opting to trade the token”.

Just in the last three days, SHIB price has surged 22 times taking its market cap to $13.2 billion. thus, SHIB is now the 17th largest cryptocurrency by market cap. SHIB, the native crypto asset of the Shiba Inu Network is an ERC-20 token. This “meme-coin” also dubbed “Dogecoin-Killer” started as an experiment to create a decentralized community.

Shiba Inu Price Rally and OKEx Listing

While Dogecoin (DOGE) has registered a strong correcting after hitting an all-time high of $0.70 last week, investors are now moving their capital to its competitor cryptocurrency. It looks like SHIB has gained massively during the recent DOGE price correction.

Just in the last three days, the SHIB price has skyrocketed 22 times. Meaning a whopping 2100% returns in just a matter of 72 hours. At press time, SHIB is trading at a price of $0.00003144 with a market cap of $12.4 billion. Apart from Binance, crypto exchanges Huobi and OKEx have also listed the SHIB coin for trading.

OKEx facilitated SHIB deposits over the last weekend. It now allows SHIB trading against USDT on the OKEx spot and perpetual swap markets. Speaking about the listing, OKEx CEO Jay Hao said:

“We are pleased to welcome Shiba Inu to the OKEx platform. I appreciate their experimental spirit, which is exactly what the blockchain and crypto space needs. As an exchange, we are delighted to be able to offer a diverse portfolio of cryptocurrencies, including memetic tokens, to allow a comprehensive investment experience for our valued customers. The Shiba Inu community has been gaining strong momentum from the weekend deposits, and we look forward to witnessing its robust development. We are happy to be the first major exchange to offer SHIB to open the crypto gateway to these enthusiasts”.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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