Shib Token Extends Rally While DogeCoin Sinks During Elon’s SNL Skit

SHIB holders have plenty to celebrate as the “Dogecoin Killer” rises 1784% in 7 days. Meanwhile, Dogecoin holders had little to laugh about as coin fell by 35% after Musk appeared to call the crypto a “hustle” on the comedy skit show.

By
Robert D. Knight
on
May 10, 2021
Category:
Blockchain News

A New Memecoin on the Block

Shiba Inu continues its rapid price ascent, making huge gains on the 7 and 30 day charts. In the past 7 days Shiba Inu (SHIB) has gained 1,584%, and in the last 30 it has risen 400,59%. This marks a hugely successful period for the memecoin, which is described on its website as ‘an experiment in decentralized spontaneous community building’. So far the experiment seems to be doing well, with 150,000 Twitter followers on the company’s main account and 88,000 members in the community Telegram channel.

Source

The first place where the SHIB ERC20 token could be traded was on Uniswap, but the token has since proliferated across a number of exchanges. Today, Binance announced that SHIB will be made available to its users via the Binance Innovation Zone. The Binance Innovation Zone was created to fast track DeFi tokens and is a dedicated trading zone which allows users to track new and potentially more volatile tokens. Binance warns these tokens may hold greater risk for users, but also adds the caveat that BNB was also once considered a new higher risk token.

The trading pairs in the Binance innovation zone are SHIB/BUSD and SHIB/USD, which are available from May 10th at 11AM Coordinated Universal Time (UTC). Kucoin and OKEx are among the other centralized exchanges now hosting Shiba Inu in what has been a great period of success for the ‘Dogecoin Killer’. The Shiba Inu team is also working on its own exchange, ShibaSwap.

Dogecoin to the Moon

While Dogecoin has had a less than perfect weekend, Elon Musk is not finished with the original Shiba Inu memecoin just yet. Following his SNL appearance, which pushed the DOGE price into a sudden nosedive, the eccentric billionaire has stated his intention to put a Doge satellite in orbit around the moon.The mission is to be funded entirely by Dogecoin and will be led by Musk’s space exploration company, SpaceX. 

Concluding Thoughts

While Shiba Inu may be outstripping Dogecoin regarding recent price action, it seems that Musk is still putting all of his puppies in one rocket. There is no indication that the billionaire has as yet purchased any Shiba Inu or is considering doing so, but with Musk being consistently unpredictable, you wouldn’t want to bet against it.

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Robert D. Knight

Robert D. Knight is an experienced journalist and copywriter who has been working in crypto for 4+ years. His bags are heavy and he also hodls some cryptocurrency.

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