Dogecoin Killer Shiba coin surges over 32,000% in just one month: Is Elon Musk abandoning Dogecoin for Shiba coin?
While everyone is talking about Dogecoin, another obscure coin is all the rage among cryptocurrency investors. Shiba Inu coin (SHIB) is another meme cryptocurrency inspired by the recent popularity of Dogecoin. Shiba coin (also called Shiba token) is a decentralized meme token that grew into a vibrant ecosystem, according to the information.
On March 13, Elon Musk tweeted saying, “I’m getting a Shiba Inu #resistanceisfutile.” Since then, the Shiba Inu has slowly been going up in value. In just one month, the Shiba coin has surged some 32,000%, with a trading volume of $8,563,527,317 according to the latest data from Coinmarketcap.
I’m getting a Shiba Inu #resistanceisfutile
— Elon Musk (@elonmusk) March 14, 2021
Unlike Dogecoin, the Shiba Inu coin (SHIB) can currently be purchased on decentralized cryptocurrency exchange platform Uniswap and 1Inch. Currently, Shiba coin has soared by 109.88 in the last 24 hours alone, immediately after Binance announced that it would list the token under its Innovation Zone
Right after Binance announced the listing, the ‘DOGECOIN killer’ token fluctuated for another 70%, and at the time of writing is now priced at $0.00003227, scaling several magnitudes from $0.000000067 from back on April 10.
Where to buy Shiba coins
In order to buy a Shiba coin, you first need to connect a supported cryptocurrency wallet to UniSwap or 1Inch, such as Metamask, TrustWallet, or Coinbase wallet. Your cryptocurrency wallet also needs to contain funds of a supported cryptocurrency.
The Shiba Inu website states that SHIB is available to exchange on Uniswap, where 50 percent of its total supply is locked. The remaining 50% was burned to Vitalik Buterin and we were the first project following this path, so everyone has to buy on the open market, ensuring a fair and complete distribution where devs don’t own team tokens they can dump on the community.
Here is more information from the Shiba Inu website:
SHIB is an experiment in decentralized spontaneous community building. SHIB token is our first token and allows users to hold Billions or even Trillions of them. Nicknamed the DOGECOIN KILLER, this ERC-20 ONLY token can remain well under a penny and still outpace Dogecoin in a small amount of time (relatively speaking). Popular worldwide, and already up thousands of percent, Shiba token ($Shib) is the first cryptocurrency token to be listed and incentivized on ShibaSwap, our decentralized exchange.
“We were the first project following this path, so everyone has to buy on the open market, ensuring a fair and complete distribution where devs don’t own team tokens they can dump on the community,” the Shiba website claims.
How to buy Shiba Coin
The only place to buy or sell SHIB or LEASH safely is on Uniswap.
There are some centralized exchanges that have listed SHIB, but CEXs have a history of locking funds. If you can, it is safer to trade on a decentralized exchange like Uniswap or 1inch.