A new digital token trending (and price-pumping) in Chinese cryptocurrency circles is billing itself as the “DOGE killer.” The new SHIB token has unabashedly coopted the name of the Shiba Inu dog breed whose image has come to , demonstrate the joke cryptocurrency dogecoin. Maybe as threatening, SHIB has just collected fresh listings on the three most popular cryptocurrency exchanges among Chinese users, Binance, Huobi and OKEx.
And this puppy is all of a sudden garnering surprising investment from Chinese traders, although they seem well aware that the project emerges to have no serious technological promise. On Monday, when Binance launched trading in the SHIB token, the price almost doubled on Huobi, where it was already trading.
OKEx listed the SHIB coin on May 8, just a few days in advance of Binance. Huobi has the most trading volume of SHIB, as stated by CoinGecko. A Huobi spokesperson didn’t answer to CoinDesk by press time.
The Shiba Inu coin, as the SHIB token is formally known, has a price so low, at $0.00002766, that the project’s backers say it “lets users to hold Billions or even Trillions of them.” The price “can remain well under a penny and still outgo dogecoin in a small amount of time,” according to its website.
SHIB is an examination in decentralized automatical community building,” the website continues. “BONE is our next token!” There’s a even link to a “woofpaper,” dated April 29. The website goes on to recite some surprisingly sophisticated crypto-industry insider references:
“We locked the 50% of the total supply to Uniswap and disposed the keys,” the website added. “The remaining 50% was scorched to Vitalik Buterin and we were the first project following this course, so everyone has to buy on the open market, ensuring a fair and complete dispensation where devs don’t own team tokens they can dump on the community.”
Charles Xue Biqun or Xue Manzi, a billionaire venture capitalist and one of the most active investors in the Chinese internet industry, has said SHIB in multiple posts on Weibo to his more than 11 million followers. He has also been actively talking about dogecoin, according to his Weibo feed.
Doge has already increased a lot,” Alex Zuo, vice president of China-based crypto wallet Cobo, said. “It gives an example of the ‘wealth-making effect.’ In addition that Shiba inu coin may also get profit from the localization…. With all the promotions by influencers on Weibo.“We find it very inexplicable,” Zuo said. “I didn’t buy any SHIB and no one around me has bought any.”