July 2, 2022
  • July 2, 2022

Dogecoin: Is SHIB coin a “ Doge Killer ” cryptocurrency?

By on May 12, 2021 0

Looks like SHIB is barking in the Dogecoin tree.

SHIB continues to increase

The new SHIB cryptocurrency has already taken over some of Dogecoin’s markets. The cryptocurrency – which has been dubbed the “DOGE Killer” – literally used the image of the Shiba Inu dog breed for its logo. Dog was once synonymous with Dogecoin, according to CoinDesk, a major news source for cryptocurrencies.

  • “Perhaps as threatening as this, SHIB has just gathered new listings on the three most popular cryptocurrency exchanges among Chinese users, Binance, Huobi and OKEx,” according to CoinDesk.

Through CoinDeskChinese investors have already started investing in SHIB, even though they know the cryptocurrency project “appears to have no serious technological promise.”

“SHIB’s price performance over the weekend clearly shows that the crypto industry has yet to have its fill of dog-themed coins,” said Rick Delaney, senior analyst at OKEx. Insights, according to CoinDesk.

What is SHIB?

SHIB has been defined as “a decentralized community building experiment and another coin similar to Dogecoin”, according to Binance, which allows people to buy and trade cryptocurrencies. The coin is a Dogecoin spin-off, according to Benzinga.

It is still an innovative cryptocurrency that is young in its life. that’s why Binance advises to be cautious about buying now.

  • SHIB “is a relatively new token that presents a higher risk than normal and, as such, will likely be subject to high price volatility after the listing of Binance,” according to Binance
  • “Please make sure that you exercise sufficient risk management, that you have done your own research regarding the fundamentals of SHIB and that you fully understand the project before opting for the token exchange,” according to Binance.