Chinese crypto traders are pushing SHIB coin known as ‘Doge Killer’
The new SHIB token has adopted the name of the Shiba Inu dog breed whose image has come to represent the joke cryptocurrency dogecoin.
The new meme cryptocurrency has just freshly listed on the three major cryptocurrency exchanges among Chinese users, Binance, Huobi and OKEx.
And all of a sudden, this puppy is being popular and garnering astonishing investment from Chinese traders, even though they seem well aware that the project appears to have no earnest technological promise.
On Monday, when Binance launched trading in the SHIB token, the price nearly doubled on Huobi, where it was already trading. That’s despite Chinese traders being as likely to call it “s**tcoin” in their local language, as SHIB coin.
While speaking on the matter, Rick Delaney, senior analyst at OKEx Insights, said, “SHIB’s price performance over the weekend clearly shows that the crypto industry hasn’t had its fill of canine-themed memecoins just yet.”
OKEx listed the SHIB coin on May 8, just a few days before listing on Binance. However, Huobi has the most trading volume of SHIB, according to CoinGecko.
The Shiba Inu coin has a price so low, at $0.00002766, that the project’s backers say it allows users to hold it in amounts of Billions or even Trillions. The price “can remain well under a penny and still outpace dogecoin in a small amount of time,” says the website. “SHIB is an experiment in decentralized spontaneous community building,” the website continues. “BONE is our next token!” There’s a even link to a “woofpaper,” dated April 29.
The website goes on to recite some surprisingly sophisticated crypto-industry insider references:
“We locked the 50% of the total supply to Uniswap and threw away the keys,” the website added. “The remaining 50% was burned to Vitalik Buterin and we were the first project following this path, so everyone has to buy on the open market, ensuring a fair and complete distribution where devs don’t own team tokens they can dump on the community.”
It should be noted that the website offers no identifying information about any individuals associated with the project. And as cryptocurrency professionals know, the digital-asset industry is replete with scams. So investors should exercise caution.
On CoinGecko, the total market capitalization of SHIB is given as a question mark, with a maximum token supply of 1 quadrillion.