It looks like SHIB is barking up Dogecoin’s tree.
SHIB continues to rise
The new cryptocurrency SHIB has taken over some of the markets for Dogecoin already. The cryptocurrency — which has been nicknamed the “DOGE killer” — has literally used the image of the Shiba Inu dog breed for its logo. The dog used to be synonymous with Dogecoin, according to CoinDesk, a major news source for cryptocurrencies.
- “Perhaps as menacing, SHIB has just garnered fresh listings on the three most popular cryptocurrency exchanges among Chinese users, Binance, Huobi and OKEx,” according to CoinDesk.
Per CoinDesk, Chinese investors have already started to invest in SHIB, even though they know the cryptocurrency project “appears to have no earnest technological promise.”
“SHIB’s price performance over the weekend clearly shows that the crypto industry hasn’t had its fill of canine-themed meme coins just yet,” said Rick Delaney, senior analyst at OKEx Insights, according to CoinDesk.
What is SHIB?
SHIB has been defined as “an experiment in decentralized community building and another meme coin similar to Dogecoin,” according to Binance, which allows people to buy and trade cryptocurrencies. The coin is a spinoff of Dogecoin, according to Benzinga.
It’s still an innovative cryptocurrency that is young in its life. That’s why Binance advises caution about buying into it right now.
- SHIB “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,” according to Binance
- “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.