Shiba Inu, an Ethereum based Dogecoin ripoff, has been listed on two important cryptocurrency exchanges today, Binance and FTX, after the price skyrocketed more than 1500% last week. Binance has faced stiff criticism for listing Shiba Inu due to its origin, but their systems are now overwhelmed with associated inflows.
Shiba Inu Gets FTX and Binance Listing
Shiba Inu, an ethereum based meme coin looking to be the next Dogecoin, has been listed on two important exchanges in the cryptocurrency sphere: FTX and Binance. Binance included the currency in its innovation zone, which presents some limitation for its trading. FTX included it as a full-fledged cryptocurrency, including spot markets and perpetual futures to trade with it.
The cryptocurrency has experienced a hike in prices during the last week, skyrocketing by almost 1500%. However, this metric is dwarfed by how much it has grown in the last month, rising by 40,000%. However, even after the astounding price action movement, it is still considered interesting by new investors. They see it as a way of riding the bull market after having missed the Dogecoin pump.
Shiba Inu, which was launched in August 2020, and boasts a market cap of 1,000,000,000,000,000, played a very interesting move to gain notoriety and validity in the memecoin market: It gave 50% of its issued tokens to Vitalik Buterin, one of the founders of Ethereum, who now has control of more than $8 billion dollars of the currency, making him richer in Shiba Inu than in Ethereum.
Exchanges Face Stiff Criticism
However, after listing Shiba Inu in Binance, its CEO Changpeng Zhao faced stiff criticism from people that believe this currency is just a Dogecoin ripoff for allowing this to happen. Zhao answered quickly to these critics, declaring via Twitter that Binance was just answering to the rising demand of users asking for it to be available for trading. Zhao stated:
We follow users. There is a large number of users demanding it, to the point where we ran out of ETH deposit addresses due to SHIB today. Never happened before for any other ERC20 coin.
Zhao also argued that the work of exchanges is merely to provide a “neutral” place for users to do their trading business. He asked users to do their own research about new tokens, and advised them not to buy coins they did not understand. However, this behavior is not new: Binance also faced backslash after listing the currency “Sushi” last year, which, according to some, skipped due diligence procedure.
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