Shiba Inu (SHIB) rose to 18th in the market capitalization rankings after a rapid increase of 966% in the past 48 hours. SHIB has now been listed on three different cryptocurrency exchanges, including Binance, within the same time frame.
Changpeng Zhao, Binance founder and CEO, commented on SHIB in a tweet posted on Monday. He explained that the demand to trade SHIB was on the increase, and Binance exhausted its deposit addresses for the Ethereum (ETH)-based token:
“Some have voiced concerns about the $SHIB listing. 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.”
After explaining that the exchange was following user demands, he described the token as super high risk and said he was not endorsing it.
SHIB, self-proclaimed as the “Dogecoin Killer” after its rapid addition to Binance on Monday, shocked observers. They expected the world’s largest crypto exchange to have a more in-depth listing process. Also, the fact that one individual controls 50% of SHIB supply made Binance’s decision more surprising.
The SHIBA team intentionally sent 50% of the available one quadrillion token supply to Vitalik Buterin, ETH’s co-creator, to put the token out of circulation. The team sent the other 50% to the Uniswap app to offer liquidity. This way, the creators insist that they have created a decentralized token claiming that the market will determine the token’s fate.
Image Credits: Pixabay
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