SHIB vs DOGE
Just a few short years ago, Dogecoin (DOGE) was a joke. Arguably, not many thought it would become the fourth-largest cryptocurrency in the world following an astonishing price surge during 2021. Some investors looking for a repeat of the Doge “miracle” have recently turned to a new coin called SHIB, or Shiba Inu Token.
Named after a famous Japanese breed of dog, SHIB has been nicknamed “the Dogecoin killer” and it looks like it is now being taken more seriously than its pooch-themed image might suggest.
A word of caution
When Binance listed SHIB in its Innovation Zone, a place “where users are able to trade new, innovative tokens that are likely to have higher volatility and pose a higher risk than other tokens”, it issued the following warning:
Please note that, as of the time of writing, the top #1, #2 and #5 wallets hold 50.5%, 7.0% and 3.0% of total supply respectively.Binance announcement [source]
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.
The man who owns half the world’s Shiba Inu is Vitalik Buterin, whose holdings are now worth billions of dollars after SHIB shot up in price during May from around $0.000002 USD to about $0.000035 USD (an increase of over 15 times). He was given the deposit when SHIB was first minted and it’s understood that he did not know about the gift.
The team behind SHIB writes on their website: “We locked the 50% of the total supply to Uniswap and threw away the keys! 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.”
Is SHIB going to the moon – or doomed to plunge to Earth? No one can tell, but it will be very interesting to see what happens to the latest canine cryptocurrency phenomenon.
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