14.5 C
Manchester
June 28, 2022
Image default
Altcoin

Binance lists currency inspired by DOGECOIN

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.

Source: CryptoPotato

Related posts

Is Ethereum bigger than Bitcoin? Understand Charles Hoskinson’s Thought

Anupreet Kaur

UK Treasury says stablecoins play an “important role” in the economy

Anupreet Kaur

Ripple releases another billion XRP from its escrow account

Anupreet Kaur

Leave a Comment