Binance lists currency inspired by DOGECOIN: SHIBA INU (SHIB) soared 60% to a new record 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 rose by around 60% in a matter of minutes and reached a new record of $ 0.00002200.
- The most popular cryptocurrency trading site previously announced that will list the meme token in its Innovation Zone and open trading for two pairs – SHIB / BUSD and SHIB / USDT at 11:00 (UTC) on May 10.
- What caused the leading exchange to add SHIB can be explained by the huge amount of trading volume. According to CoinGecko, the total volume of the meme token has exceeded $ 6.5 billion in the past 24 hours.
- In the statement, however, Binance highlighted several factors that investors should be cautious of before allocating funds in the currency.
- He addressed the concentration of tokens – “note that, at the time of writing, the top 1, 2, 5 portfolios hold 50.5%, 7.0% and 3.0% of the total stock, respectively.“
- Binance explained the nature of SHIB, saying that it is a relatively new token that “represents a greater than normal risk”And warned investors to trade it with caution due to its greater price volatility, especially after the listing.
- Although trading is set to start a little later, users can start depositing SHIB tokens on the exchange.
- Binance really got it right after fluctuations after the quote, as the price of the meme currency skyrocketed by more than 70% in a matter of minutes. Consequently, the SHIB reached a new historical record of $ 0.000028 at the time of this article.
- As CryptoPotato previously reported, SHIBA INU is a fork of Dogecoin, which describes itself as a DOGE-killer. The project also announces a future decentralized exchange called Shiba Swap, but has yet to see the light of day.