Shiba Inu (SHIB) is part of the top 30 largest cryptocurrencies by market capitalisation after the recent bull run.
In an interesting turn of events, a dog-faced meme coin that is not DOGE has taken the market by surprise, as Shiba Inu (SHIB) rose by over 760% on a seven-day trailing period according to data from CoinMarketCap. Shiba’s sudden price rise prompted the cryptocurrency to be listed on the world’s largest crypto exchange, Binance, earlier this week.
Often proposed as an alternative to Dogecoin, Shiba rose from 0.00001405 on Monday to as high as $0.00003755 on Tuesday, marking a 167% surge after the Binance listing. The ‘Dogecoin killer’ currency has also outperformed DOGE in terms of weekly gains and is currently trading at $0.00003129.
According to Shiba’s website, the cryptocurrency plans to enable traders to hold billions of the asset while still maintaining its ‘fun tokens’ theme. The meme coin, built on Ethereum, is part of the top 30 largest cryptocurrencies by market capitalisation after the recent bull run.
Addressing the listing of Shiba on Binance, CEO Changpeng Zhao tweeted that “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,” CZ added.
Binance is not the only crypto exchange that has seen a surge in requests for Shiba. In the last month, crypto exchanges OKEx, Huobi, FTX, and Poloniex have also listed the meme coin, whose market capitalisation has now reached $13 billion. The recent listings have helped the coin gain legitimacy in the crypto industry, leading to further price gains.
Ethereum Founder Vitalik Buterin is allegedly the biggest beneficiary of SHIB’s bull run. Owning over 505 billion Shiba tokens, the crypto expert gained a whopping $11 billion in the recent price rise.
However, the rise of meme coins in the crypto market is not limited to Dogecoin or Shiba. Recently, several cryptocurrencies with the same principle have garnered tremendous interest as investors are trying to spot the next big thing.
Baby Shiba Inu (BHIBA) rose by over 900% in the last 48 hours. Hokkaido Inu (HOKK), Akita Inu (AKITA) and KEANU have also caught the market’s attention and are witnessing major price surges.
However, experts are divided on what this trend means for the crypto community in the long run.
While Bitcoin Centre NYC and Zap Protocol founder, Nick Spano believes that the rise of meme coins like DOGE acts as a major marketing tool for cryptocurrencies, Cardano creator and Ethereum co-founder Charles Hoskinson explained that meme coins attracted people to the crypto space for all the wrong reasons and hence were an “existential threat.”