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Shiba Inu (SHIB) Listed on Binance, Rallies 150% in 24-Hours to Become 16th Largest Crypto

Shiba Inu (SHIB) coin has been listed on some of the most leading cryptocurrency exchanges after it experienced a meteoric rise in the last one month. CoinmarketCap is showing that the SHIB token has increased by around 40,000% in the last 30-days. In the last 24-hours and 7-days, this token has seen a tremendous upswing by around 150% and 2,070% respectively.

This tremendous performance has made the SHIB coin the 16th largest cryptocurrency in terms of market capitalization. At press time, the price of each SHIB against the US Dollar is trading at around US$0.00003523 with a market capitalization of $13,593,544,599, closely rallying behind the USD Coin (USDC) and Stellar (XLM).

SHIB is a meme coin, just like Dogecoin, and has a strong community. This standard ERC-20 token is available on decentralized exchange Uniswap and has a maximum total supply of 1,000,000,000,000,000 coins.

Shiba Inu coin (the native token of ShibaSwap) was created by imitating the success of DOGE and is similarly has a highly centralized supply. Binance claims that the total supply of SHIB is already in full circulation and also clarified that around 60% of the supply is held by the top 5 wallets.

With the tremendous increase in the last 24-hours, especially after being listed on Binance, the total number of SHIB holders increased to 283,500. Binance exchange CEO, Changpeng Zhao said that his exchange has listed SHIB because he wanted to provide his customers a “neutral marketplace”. However, Zhao also clarified by saying:

“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.”

Many investors and analysts have criticized Binance crypto exchange’s decision of listing Shiba Inu (SHIB). However, economist Michaël van de Poppe said:

“My point of view on $SHIB? Everyone should do what they want to do, when they want to do that. However, things like $DOGE, $SHIB, #SafeMoon take away the spotlight from the decentralized future we’re trying to build. And 90% of the people will lose money on it.”

Interestingly, data shows that Ethereum’s co-founder Vitalik Buterin holds $8 billion in Shiba Inu coin (SHIB).

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