World’s largest cryptocurrency exchange, Binance, has announced to list the Dogecoin-inspired SHIBA INU (SHIB) on its platform. According to the report, two trading pairs SHIB/BUSD and SHIB/USDT will be available on May 10 at 11:00 am (UTC).
SHIB is a fork of Doge and was launched on Ethereum following the ERC-20 standard. The project is an experiment in decentralized community building and refers to the SHIBA as “Dogecoin killer.” SHIB is the native token of SHIBA INU and is used as an incentive on the decentralized exchange, ShibaSwap.
The token will be available on the Innovation Zone on the Binance platform. The Innovation Zone is a section on Binance for exploring and trading new tokens that are likely to have high volatility. Hence, tokens traded in the aforementioned section are usually riskier than others, warns Binance.
Moreover, Binance noted that the “top 1, 2,5 wallets are holding 50.5%, 7.0% and 3.0% of the total supply respectively at time of press.” However, users will not be charged any fee for trading the new pairs.
SHIBA INU Shoots by 60% to ATH
Following the news, the SHIBA INU token soared by 60% to an all-time high. However, the coin has risen more than 128% in the last 24 hours. Its trading volume is just inches shy of $12 billion.
Dogecoin is also moving from being the acclaimed joke cryptocurrency to becoming a big deal. The major meme token has shot up to the top three cryptocurrencies. Per data from Coinmarketcap, Doge is up by 35.78% in the past week and is currently trading around $0.52 with its market cap very close to $130 billion.