Binance listed Shiba Inu (SHIB) and its futures.
Shiba Inu’s price rose by over 61,000% in just a month.
Binance Innovation Zone is a “dedicated trading zone where users are able to trade new, innovative tokens that are likely to have higher volatility and pose a higher risk.”
“SHIB is a relatively new token that poses a higher than normal risk, and as such will likely be subject to high price volatility after the Binance listing. Please ensure that you exercise sufficient risk management, have done your own research in regards to SHIB’s fundamentals, and fully understand the project before opting to trade the token,” Binance warned all probable traders.
Crypto Dog Army Evolves
Shiba Inu rapidly rose to prominence a few days ago and it is on the heels of DOGE’s price rally. SHIB proponents are now trying to push the token as “the next best thing” for the people who didn’t experience the Dogecoin hype train.
Remarkably, SHIB’s price surged from $0.00000006 early in April to a new ATH of $0.00003671 today. It is an epic increase of over 61,000% in just 30 days.
Following its listing on Binance, SHIB’s price retraced to $0.000029 at press time. But the token is up by 110% on the day and over 1,600% in the past week. The latest craze pushed SHIB’s total market cap to $12 billion. Now it is the 17th largest crypto.
At the same time, Binance also launched 1000SHIB, a USDT-margined perpetual futures contract with a clout of up to 25X.
“1000SHIB perpetual contracts are USDT-margined futures contracts that use USDT as collateral. The notional value of the 1000SHIBUSDT contract is 1,000 SHIB each. The underlying index price of 1000SHIBUSDT is 1000 times that of the SHIB/USDT spot index,” the exchange elaborated.
The trading craze around SHIB still continues to dumbfound even a bit of the crypto industry experts.
“276 days ago someone put 10 ETH into SHIB and now it’s worth $460 million. How’s your life going?” tweeted EthHub co-founded Anthony Sassano today. This is far from the biggest profit made by SHIB so far.
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