Shiba Inu is an ERC20 token that is deployed at the Ethereum network. The anonymous developers behind this parody coin have created one quadrillion tokens and sent 50% of the reserves to Ethereum co-founder Vitalik Buterin. The developers linked this move with having burned the amount from the market to rack up its price mark to a new ATH.
However, Buterin can still access the parody coins through his Ethereum wallet. For now, the current supply of the SHIB available for trading is 505 trillion. The investors who wish to invest in SHIB can get it from regulated exchanges like Binance, Huobi Global, OKEx, and unregulated exchanges like Uniswap, 1 inch, and 0x. Since its launch in July 2020, SHIB is up 2 million percent. This is a new record for an altcoin gain that has left behind both Bitcoin and Ethereum.
Can SHIB Overtake Dogecoin?
The Dogecoin surge in the market came as a great surprise when SpaceX CEO Elon Musk introduced the meme coin to his 53 million Twitter followers. After scoring at ATH of $0.8 last week, Dogecoin price tanked to the low levels of $0.5 in the aftermath of the SNL monologue fiasco. While DOGE was going down, its clone SHIB started to gain momentum in the markets.
At present, DOGE holds the position of 5th largest cryptocurrency in the world, with a market cap of $65.5 billion. However, as per the data projections by CoinMarketCap, SHIB hosts a market cap of $13.2 billion. It placed SHIB at the 17th rank on the lengthy list of altcoins. At present, SHIB is valued at $0.00003262 that signals a 39,357% increase in just 30 days as per CoinGecko. It seems like SHIB investors are looking to rival Dogecoin’s dramatic price rally, and some have even called it the Dogekiller.
Changpeng Zhao, co-founder of Binance, does not recommend his users to go with SHIB. To cash in on the pumps, Binance listed SHIB coin fairly quickly. However, CZ later tweeted that SHIB traffic created a shortage of ETH deposit addresses, which is a first for an ERC20 token. Referring to the unnatural growth and high demand for the token, CZ said that it is a high-risk token.
One major factor for such a massive inflow of investors is the involvement of Buterin in the clone crypto. The investors have a warranty that the token would not end up in a scam or rug pull. Following the DOGE coin craze, several altcoins seem to copy the meme crypto. There are tokens named LEASH, BONE, Woofy, Dogelon, and many more that are making rounds. There are also rumours about the launch of Shibswap DeFi exchange that might list all the doge breed coin under one roof.