Shiba Inu, an imitation of the Ethereum-based Dogecoin, was listed on two major cryptocurrency exchanges yesterday. This is Binance and FTX. This happened pretty much right after the price skyrocketed by over 1500% last week. Binance has faced harsh criticism of Shiba Inu's inclusion due to its origin, but their systems are now overwhelmed by the influx of purchases.
Shiba Inu arrives on FTX and Binance
Shiba Inu, an ethereum-based meme coin that seeks to be the next Dogecoin (quotation DOGE), was listed on two major cryptocurrency exchanges: FTX and Binance. Binance has included the currency in its innovation zone, which has some limitations for its trading. FTX has included it as a full-fledged cryptocurrency, including spot markets and perpetual futures to trade with.
The cryptocurrency has seen a rise in prices over the past week, skyrocketing by nearly 1500%. However, this metric is dwarfed by how much it has grown over the past month, increasing by 40.000%. However, even after the incredible move in the price action, it is still considered attractive by new investors. They see it as a way to ride the bull market after missing the Dogecoin train.
Shiba Inu, which was launched in August 2020 and boasts a market capitalization of 1.000.000.000.000.000, has played a very interesting move to gain notoriety and validity in the memecoin market: it has given out 50% of its issued tokens. to Vitalik Buterin, one of the founders of Ethereum, who now controls over $ 8 billion of the currency, making it richer in Shiba Inu than Ethereum.
Exchanges face harsh criticism
However, after listing Shiba Inu on Binance, its CEO Changpeng Zhao has faced harsh criticism from people who believe this currency is just a bad copy of Dogecoin. Zhao quickly responded to these criticisms by declaring via Twitter that Binance was only responding to the growing demand from users asking for it to be available for trading. Zhao said:
“We follow the users. There is a large number of users requesting it, to the point that today we ran out of ETH deposit addresses due to SHIB. This has never happened before for any other ERC20 coin ”.
Zhao also said that the job of exchanges is simply to provide a "neutral" place for users to carry out their trading activities. He asked users to do their own research on the new tokens and advised them not to buy coins they didn't understand.
However, this behavior is not new: Binance faced the same criticism after listing the "Sushi" currency last year, which, according to some, skipped the due diligence process. And what do you think of it? Let us know in the comments section below.