SHIB Coin Sees Massive Acquisition By Chinese Traders

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Shiba Inu
Shiba Inu

The cryptocurrency, SHIB, is also being called the “DOGE killer”. A part of the phenomenon behind dogecoin, it is the latest surging crypto taking the world by storm.

Dogecoin’s Latest Competitor: SHIB

The SHIB coin saw a rise in trading mainly in cryptocurrency circles in China. The token’s name is based on the breed of a dog called Shiba Inu. This breed’s image is the face of the joke cryptocurrency, the dogecoin. SHIB may turn out to be similarly menacing as the top three most popular cryptocurrency exchanges among the Chinese have begun fresh listings. They are Huobi, OKEx, and Binance.

Furthermore, the token is getting an astonishing level of interest from traders in China, even if there is no technological promise behind it. On Monday, Huobi’s price for the SHIB doubled when the token began trading on Binance.

The latest obsession indicates the extent of the spread of the dogecoin phenomenon. Essentially, it likens money to nothing more than a toy. Earlier limited to the west, it has seemingly been taken up in Asia as well. Traders have no complaints going along with the repeated fall and rise of dogecoin’s price, often brought about by a tweet from Elon Musk.

On 8th May, OKEx had listed the coin called SHIB, some days prior to the Binance listing. CoinGecko reports that the largest trading volume is on Huobi.

The price of the currency is extremely low currently – $0.00002766. As such, trillions and billions of the currency can be held by users at a time. Its website claims that it can outpace DOGE while remaining well below a penny.

However, there is no information identifying any associated individuals on the website. As such, professionals and experts of cryptocurrency all recommend being extremely cautious since many of such digital assets are scams.