Despite the fact that most major cryptocurrencies have fallen behind, the SHIB token has proven to be an exception today, rising 123.63% in the past 24 hours. Within a week, the SHIB token has risen an impressive 1946.11%.
SHIB is the native token of the SHIBA INU network and the first ERC-20 token to be listed and incentivized in the decentralized ShibaSwap exchange.
Binance Crypto Exchange developed the SHIB token and said:
“SHIBA INU (SHIB) is an experiment on decentralized community building and another meme coin that is similar to Dogecoin.”
SHIB was officially launched in August 2020 when the decentralized financial market was making great strides and growing exponentially. The founder of the SHIB token Ryoshi has issued a total of 1,000 trillion SHIBs. 50% of the tokens were blocked Uniswap Provide liquidity while the remaining 50% has been allocated ether Co-founder Vitalik Buterin.
SHIBA INU was launched on May 8th, 9th and 10th on OKEx, Huobi Global and Binance. The cryptocurrency quickly became popular in the crypto sector.
SHIB is also quirkily known as the “Doge Killer” as SHIB attracts Dogecoin investors due to its relatively low price.
The popularity of Shiba Inu coins grew massively for the following reasons:
First, the initial starting price of the SHIB token is relatively low. Hence, investors can spend a small amount of money and still win hundreds of thousands from SHIB. The entry barrier is relatively low for newcomers.
Second, the SHIB token quickly gained traction due to the extremely high FOMO (Fear of Missing Out) sentiment in the bull market. Investors who feared missing out on an incredible opportunity took the chance to invest in SHIB as they didn’t want to miss an opportunity to get rich.
The third reason SHIB has grown so much in such a short period of time is because of the endorsement of Dogecoin by billionaire Elon Musk. Elon Musk tweeted on May 7th he was looking for a Shiba puppy and sent SHIB higher.
Shiba Inu (SHIB) has now reached the top 20 of CoinMarketCap and is currently in 17th place. It may well be a trader’s answer to the hype about Dogecoin (DOGE).
At the time of writing, SHIB is trading at $ 0.00003225.
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