Crypto News
| Published On May 11, 2021 7:38 am CEST  |  Updated on Sep 8, 2023 7:13 am CEST | By Peter Siu

‘DOGE killer’ Shiba Inu surges after Binance listing on Monday

Share

Another dog-related crypto asset is surging and making massive gains after it got listed on Binance exchange on Monday.

Shiba Inu (SHIB), a meme coin that is dubbing itself as the “DOGE killer,” is up over nearly 700% in the past seven days and nearly 1,000% in the past two weeks, according to CoinMarketCap data. Following this surge and its Binance listing, it is now the 16th largest crypto by market cap.

At first glance, SHIB looks to be a Dogecoin clone that has benefitted from the recent DOGE hype fueled by ‘Dogefather’ and Tesla CEO Elon Musk’s appearance on the popular sketch show Saturday Night Live.

Shiba Inu’s website does provide some information on its ambitions:

Get 125% / $2,500 on 1st deposit!
New players only. Exclusive Welcome Bonus of up to $2,500
Casino & Sports

“SHIB is an experiment in decentralized spontaneous community building.”

While Elon Musk has previously tweeted about getting Shiba Inu, he was probably only referring to Dogecoin. However you never really know with Musk, do you?

SHIB was first listed on OKEx on May 8, just a few days ahead of Binance that started offering it on May 10 which immediately caused its value to double up.

177% up to 5BTC + 77 Free Spins!
New players only. Exclusive Welcome Bonus of 177% + 77 Free Spins
Casino

While Shiba Inu’s website does not disclose any information on the people behind the project, it does have a link to a “woofpaper’ dated April 29.

Furthermore the website has some fascinating sophisticated crypto-industry insider references:

“We locked the 50% of the total supply to Uniswap and threw away the keys,” the website states.

“The remaining 50% was burned to Vitalik Buterin and we were the first project following this path, so everyone has to buy on the open market, ensuring a fair and complete distribution where devs don’t own team tokens they can dump on the community.”

Meme coins to the moon?

There are currently multiple other dog and Musk-inspired Dogecoin forks  that have taken advantage of DOGE’s latest rally. Meme coin Dogelon (ELON), appeared in April, surging 40,000% in one day. Other DOGE iterations that captured investor attention are Dogemusk (MUSK) and ShibaElon (SELON).

At time of writing, Shiba Inu is trading at $0.00003511, up almost 150% in the last 24 hours. It already holds the 16th spot in crypto rankings with a market capitalization of almost $14 billion.

Peter Siu

Peter is a former poker-pro, turned crypto enthusiast with 8+ years’ experience in operational roles dealing with all online gaming verticals within large iGaming companies, including Flutter and Entain. Now an expert in the field of Sports Betting, Casino, iGaming, and Poker, he is our team leader and editor. When not working, Peter can be found in the gym or playing sports like football, tennis and more recently padel.