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Shiba Inu (SHIB), another meme crypto asset, has surged approximately 167% after it was suddenly listed on the popular crypto exchange, Binance. Shiba Inu is yet another dog-themed token that is now available for trading on Binance.
Binance is a global crypto exchange that has announced the availability of SHIB/BUSD (Binance USD) and SHIB/USDT (Tether) trading pairs. Soon after the announcement by the popular exchange, Shiba Inu went from $0.00001405 to $0.00003755, marking an increase of 167%.
What Could This Mean for Dogecoin?
The increase in Shiba Inu’s price has left crypto investors and traders to wonder how it can affect Dogecoin. As per SHIB’s website, the meme crypto aims to outperform Dogecoin while also enabling the traders to hold billions or trillions of the digital asset. The creation of Shiba Inu was quite similar to that of Dogecoin and both meme crypto assets have been competitors ever since.
However, the latest announcement by Binance can indicate a possible point where SHIB would surpass Dogecoin. There are still several factors to be considered, one of which is the strong support to Dogecoin by Elon Musk, one of the most influential people in the world.
Why Binance Listed Shiba Inu?
According to the CEO of Binance, Changpeng Zhao, Binance listed the meme crypto asset on the platform as it was in high demand from the traders.
Changpeng Zhao stated:
“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.”
On the other hand, the CEO of Binance has also stated that listing Shiba Inu does not mean he supports meme-inspired cryptocurrencies. He also continued to warn the crypto traders in being careful while investing in digital assets that they do not completely understand as it can be a risky endeavor.
A significant surge in a short period was also observed for several other dog-inspired crypto assets, including:
- Baby Shiba Inu (BHIBA) currently trading at $0.00005013
- KEANU went from $0.0000000000001 to $0.0000000000273 in a day, a gain of $0.0000000071
- Hokkaida Inu (HOKK) currently trading at $0.0000000071
- Kishu Inu (KISHU) increased up to $0.000000012
- Akita Inu (AKITA) went from $0.000003 to $0.000029, which is 10x the growth in less than 24 hours
Will Meme-inspired Crypto Assets Take over the Crypto World?
Considering the explosion and growing prominence of the meme crypto assets, some may even begin to wonder if they will overtake the digital currency industry. While that is for the future market trends to determine, the CEO of Microstrategy is intrigued by Dogecoin and even stated that it is good for the industry. Dogecoin is seen by him as a means to make crypto interesting and fun while attracting plenty of beginners to the market.
Dogecoin is, therefore, amid controversial opinions and thoughts as from one side it is supported by Elon Musk while being critiqued by Cardano’s creator and Ethereum’s co-founder on the other side.
Caution for Crypto Investors and Traders
The digital currencies are undoubtedly volatile and unpredictable and crypto assets such as Dogecoin and Shiba Inu can even be seen as slightly unstable. This can be a note of caution for all investors and traders of crypto to be careful while investing in such kinds of cryptocurrencies.
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