The Shiba Inu token has reached a record high of $0.0000388 after being listed on Binance and Kucoin.
Currently, however, since its all-time high, the price has dropped by about 15%.
What is Shiba Inu
Shiba Inu is a token gaining popularity in the cryptocurrency market in the wake of Dogecoin’s success. In fact, the Shiba is the dog breed in the DOGE logo and, probably to exploit the hype behind Elon Musk’s tweets, this project was born and is already making waves.
As stated on the project’s official website, it is an
“experiment in decentralised spontaneous community building. Nicknamed the DOGECOIN KILLER, this ERC-20 ONLY token can remain well under a penny and still outpace Dogecoin in a small amount of time”.
In just a few short weeks, Shiba Inu (SHIB) has climbed into the CMC top 20 thanks to its growing market capitalisation. In a matter of days has gone from $0.000002 to $0.000038, an increase of 2,300,000% since the beginning of the year.
Furthermore, yesterday when Binance announced the listing of Shiba Inu on its platform called “Innovation Zone” for high-risk trading projects, the price of SHIB more than doubled.
Shiba Inu’s supply
Fifty per cent of the total supply of tokens has been blocked on Uniswap to give liquidity to the pool, while the other half has been given to Vitalik Buterin, creator of Ethereum, who, therefore, currently holds around $1.35 billion.
These wallets are fully owned by Vitalik and therefore have not been locked, although many believe that the Ethereum co-founder would not allow himself to use them at will. Despite this uncertainty, the community calls them “burned”, even though the famous black hole, the address 0x0000000000000000000000000000000000000001, which no one controls, could have been used to do this.