War of the Memecoins: Binance Adds SHIB-DOGE Trading Pair
Memecoins continue to occupy center stage within the cryptocurrency market. A lot of the chatter is still focused on the performance of Dogecoin, Shiba Inu (SHIB), Floki Inu (FLOKI), and so forth. Now, Binance has decided to pin the two memecoin market leaders against each other by adding a SHIB/DOGE trading pair.
The War Between SHIB and DOGE
To those who weren’t around when all of this started, Shiba Inu (SHIB) was created in the boom of DeFi Summer in 2020. Its official website called the cryptocurrency “the Dogecoin killer,” creating a narrative that would eventually pin two of the Crypto Twitter’s most passionate communities against each other.
When Shiba Inu was created, the cryptocurrency had a tiny fraction of Dogecoin’s market capitalization, and not a lot of people thought it was realistic to expect that it would one day be a multi-billion dollar project running for a spot in the top 10 cryptocurrencies by market cap.
Yet, we were once again reminded that everything is possible in crypto, and here we are in November 2021 – Shiba Inu’s total market cap is over $40 billion, and it’s the 9th largest cryptocurrency, one spot above Dogecoin – the competitor it was intended to “kill.”
Naturally, this pinned communities against each other where some people would argue in favor of SHIB and others would defend DOGE instead. And amidst all this, the world’s leading cryptocurrency exchange seeks to take full advantage of the feud.
Binance Adds SHIB-DOGE Trading Pair
According to an announcement from today – November 1st – Binance will open trading for the SHIB/DOGE trading pair at exactly 08:00 UTC.
Just like any other cryptocurrency trading pair, this one will go up when the SHIB price increases relative to that of DOGE and vice-versa.
What’s more interesting here is that this will allow speculators to directly trade both coins against each other and would also reveal the value of one relative to the other. This sets the stage for a competition just like the one between Bitcoin and Ethereum bulls, but on a completely different scale, of course.
OhNoRipple via https://www.ohnocrypto.com/ @George Georgiev, @Khareem Sudlow