Watch out, Dogecoin! There’s a new kid in the block! A new digital token is now trending in Chinese cryptocurrency circles, billing itself as the Dogecoin killer. And it goes by as SHIB.
Yes, this new token has unabashedly cooped the name of the Shiba Inu dog breed, whose image has come to represent the joke crypto Dogecoin.
And in our clearest sign yet that the Dogecoin phenomenon is spreading around the world, this new token is growing fast. According to the official website of the token, the price can remain well under a penny and still outpace Dogecoin in a small amount of time.
Even the whitepaper that is called a woofpaper lays it out straight.
Of course, it’s all price pumping.
But then again, it’s not like Dogecoin is any different. Traders seem happy enough to go along with the price pumps and dumps repeatedly, often timed to a fresh tweet from billionaire Elon Musk. It is this action that has seen DOGE garner a market capitalization ahead of several industry titans.
This other puppy, is also all of a sudden gaining astonishing investment from Chinese traders, despite these traders knowing SHIB as just another altcoin project with no earnest technological promise.
On Monday, when Binance launched trading of the SHIB token, the price nearly doubled on Huobi where it was already trading. In fact, Binance temporarily suspended all withdrawals on its exchange after the listing, with speculation that this was a result of the sudden traffic from SHIB trading.
And the reason why the price pump is even possible in the first place, is that the price of this new token is so cheap that even a single retail investor can buy a few tokens without much trouble.
Apparently, the total market capitalization of SHIB remains a question mark, with a maximum token supply of 1 quadrillion. The Shiba Inu coin has a price as low as $0.00002766, meaning backers can hold billons of even trillions of them.
This is exactly the plan of what is being called an experiment in decentralized spontaneous community building, with developers confirming that BONE will be their next token.
The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Crypteligence.com does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.