The rise of SHIB
Data from CoinMarketCap shows that the currency Shiba Inu — which is the name of the dog that is used as a mascot for the Dogecoin — jumped 1,000% in recent days.
- In fact, per Benzinga, the cryptocurrency spiked 149% in 24 hours, rising to a total value of $0.00003212.
- Yes, that’s a real number.
What is SHIB?
Binance said the coin “is an experiment in decentralized community building and another meme coin similar to Dogecoin.”
- Basically, SHIB is an offshoot of Dogecoin, according to Benzinga.
Binance, which lists cryptocurrencies to buy and sell, announced that it would list SHIB on its “innovation zone” platform (where people can trade new cryptocurrency tokens), allowing it to be traded beginning on May 10.
Should you invest in SHIB?
Binance advises caution buying into SHIB too quickly since it “is a relatively new token that poses a higher than normal risk, and as such will likely be subject to high price volatility after the Binance listing.”
- “Please ensure that you exercise sufficient risk management, have done your own research in regards to SHIB’s fundamentals, and fully understand the project before opting to trade the token,” according to Binance.