As Shiba Inu (SHIB) recorded a 966 percent surge in the last two days, the token was listed on three different digital asset exchanges, pushing the coin to number 18 on the rank of top crypto assets by market cap ratings.
The development comes a day after the world’s biggest crypto trading platform, Binance, announced a surprise listing of the token that shocked onlookers, who had expected a more challenging and in-depth listing process. Interestingly, almost fifty percent of the total SHIBA Inu coins belong to one individual, which made Binance’s decision even more surprising.
In a bid to put the token out of circulation, the coin’s team purposefully sent the tokens to Ether’s co-founder Vitalik Buterin. In contrast, the remaining were sent to Uniswap. By doing this, SHIB claims to have created a decentralized token, and its value would be determined merely by the crypto market.
While answering the queries regarding the listing, the founder of the Binance Changpeng Zhao revealed that the marketplace merely responded to the growing customer demand. He further added that the demand for SHIB coin was so much that the exchange faced a lack of deposit addresses for the Ether-based coin.
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.
Not endorsing it. Super high risk. NFA.
— CZ 🔶 Binance (@cz_binance) May 10, 2021
SHIB’s rise comes on the back of the famous meme coin Dogecoin based on the Shiba Inu meme. Not only that, Musk’s favorite token has also seen a massive surge in its price until recently.
Following Binance’s footsteps, OKEx and FTX listed the token on its market as per Tuesday’s statement. But the world’s famous coin aggregator, CoinGecko, is yet to list the token on its platform.