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There’s a new dog in town, and it’s marking its turf right away.
Shiba Inu (SHIB) has been listed on three separate cryptocurrency exchanges in the last 48 hours, following an unprecedented 966 percent rise in the same time period that propelled the token to 18th in the market cap rankings.
Shiba, self-described as the “Dogecoin Killer,” was added to Binance on May 10th, surprising many observers who anticipated a more thorough listing process by the world’s largest crypto exchange.
Furthermore, the fact that one person owns 50% of the SHIB token supply makes Binance’s decision to mention the token immediately all the more unexpected.
The Shiba team purposely sent 50% of the 1 quadrillion token supply to Ethereum co-creator Vitalik Buterin as a means to put the tokens out of circulation. The other 50% was apparently sent to the Uniswap app to provide liquidity. In doing so, the creators claim to have created a decentralized token, the fate of which will be decided solely by the market.
On Monday, Binance founder and CEO Changpeng Zhao addressed the Shiba Inu problem, telling his Twitter followers that the exchange was simply responding to user demand. Zhao reported that the demand for SHIB trading was so strong that Binance ran out of deposit addresses for the Ethereum-based token:
“Some have voiced concerns about $SHIB listing. We follow users. There is a large number of users demanding it, to the point where we ran out of ETH deposit addresses due to SHIB today. Never happened before for any other ERC20 coin.”
“Not endorsing it. Super high risk. NFA,” he added.
Shiba Inu’s latest arrival coincided with the popularity of Dogecoin (DOGE). Shiba Inu, like Dogecoin, is emblazoned with a version of the Shiba Inu dog meme. Shiba, like Dogecoin, awoke from months of dormancy to hit an all-time high on April 20 (i.e. 4/20 day), the same day Dogecoin achieved an all-time high of $0.420.
But, apart from silly dogs and mad percentage gains, what is Shiba Inu all about? The project’s “woofpaper” refers to the development of ShibaSwap, a decentralised exchange where SHIB holders may swap tokens and participate in yield farming. According to the project’s website, the exchange is currently conducting “security tests, audits, and final updates.”
Aside from SHIB, the project also includes a multi-token scheme comprised of BONE and LEASH. All three will be used as part of Shiba Inu’s yield farming feature.
In addition to Binance and FTX, the OKEx exchange also fell in line and listed Shiba Inu according to Tuesday’s press release.
OKEx CEO Jay Hao used the term “experimental” to describe the motivations behind the token listing, and declared a willingness to list “memetic” tokens.
“We’re delighted to welcome Shiba Inu to the OKEx platform. I admire their exploratory spirit, which is just what the blockchain and crypto room needs. “As an exchange, we are thrilled to be able to provide a diverse portfolio of cryptocurrencies, including memetic tokens,” Hao said.
Shiba Inu is yet to be properly listed on CoinGecko, a blockchain data aggregator with up to 100 million monthly views. According to both sources, this is due to the fact that it has yet to ascertain reliable circulating figures for the token.
We asked Binance how the presence of 500 trillion SHIB (worth over $15 billion) in Vitalik Buterin’s personal wallet affected their calculations of the token’s circulating supply. They refused to comment on matters relating to Shiba Inu.