BTSE has listed Shiba Inu (SHIB) on May 19, after trading of the “meme coin” recently surged by a staggering 1,418.68% in one week.
SHIB’s Sudden Rise to Fame
The Shiba Inu coin became among the latest tokens to capture the attention of crypto traders. Its recent popularity can be partly traced to Dogecoin’s success, even as it’s been known as a “Dogecoin killer”, for its rapid rise and its self-proclaimed more “community-driven” technology.
SHIB started garnering massive investment from Chinese investors last week as social media influencers on Weibo and WeChat aggressively promoted the token. Billionaire venture capitalist Charles Xue Biqun was among the leading influencers who pumped up SHIB prices through multiple posts on Weibo to his 11 million followers.
The canine-themed meme crypto with a total supply of one quadrillion tokens has cracked into the top 30 most valued digital assets on CoinMarketCap. SHIB currently ranks 27th with a market capitalization of nearly US$7.8 billion (as of May 18, 2021) and was priced at around $0.000017.
More About Shiba Inu
A team of developers led by founder “Ryoshi” launched the Shiba Inu coin in August 2020. The project’s backers describe SHIB as “an experiment in decentralized spontaneous community building” and depict the token as a direct rival to DOGE.
According to the project’s official website, SHIB has locked 50% of its total supply to leading decentralized exchange (DEX) Uniswap. The remaining 50% was burned to Ethereum co-founder Vitalik Buterin, so all interested investors have to buy the token on the open market.
This approach guarantees a fair and complete distribution, where SHIB developers don’t own team tokens they can dump on the community and dilute the price. SHIB is listed and incentivized on ShibaSwap, its DEX built on the Ethereum blockchain. The project is also advertised as an “artist incubator”, suggesting its foray into the NFT market.
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