The self-proclaimed Dogecoin-killer SHIBA INU (SHIB) skyrocketed by 60% to a new all-time high after a listing announcement on Binance.
The world’s leading cryptocurrency exchange announced the listing of the latest meme coin craze in the industry – Shiba Inu. As a result, the price of the token surged by roughly 60% in a matter of minutes and reached a fresh record at $0.00002200.
- The most popular crypto trading venue announced earlier it will list the meme token into its Innovation Zone and will open trading for two pairs – SHIB/BUSD and SHIB/USDT at 11:00 AM (UTC) on May 10th.
- What caused the leading exchange to add SHIB can be explained by the tremendous amount of trading volume. According to CoinGecko, the total volume of the meme token had crossed $6.5 billion over the past 24 hours.
- In the statement, though, Binance outlined several factors that investors should be wary of before allocating funds in the coin.
- It touched upon the concentration of tokens – “please note that, as of the time of writing, the top 1, 2, 5 wallets hold 50.5%, 7.0%, and 3.0% of the total supply respectively.”
- Binance explained SHIB’s nature, saying that it’s a relatively new token that “poses a higher than normal risk” and warned investors to trade it with caution due to its enhanced price volatility, especially after the listing.
- Although the trading is set to start a bit later, users can start depositing SHIB tokens to the exchange.
- Binance indeed got it right about the fluctuations after the listing, as the price of the meme coin skyrocketed by more than 70% in a matter of minutes. Consequently, SHIB went for a new all-time high record at $0.000028, as of writing these lines.
- As CryptoPotato reported earlier, SHIBA INU is a Dogecoin fork, which describes itself as DOGE-killer. The project also advertises an upcoming decentralized exchange called Shiba Swap, but it’s yet to see the light of day.