BUSINESS | May 11, 2021 | WOZINGA NEWS
Shiba Inu coin sets as the Dogecoin killer that captivates Chinese investors
- Billionaire Xue Manzi supports the SHIB coin.
- It accumulates popularity on Chinese social media platforms.
By Marielle Petere Wozinga Journalist
Shiba Inu ($SHIB) is a new digital token, and it is named the “DOGECOIN KILLER.” It attracts numerous Chinese investors despite the lack of its technological promise.
Based on CoinGecko data, the maximum supply of SHIB tokens is one quadrillion; yet the total market cap remains questionable.
Surprisingly, it was up 120.5% over 24 hours at $0.00003301 at the time of writing. Also, SHIB escalated by 2,7779.2% on a 14-day trading basis. Why does it happen?
SHIB prominent supporters
Well, Dogecoin has buzzing its name on Twitter and Reddit with its notable supporters, such as TESLA CEO Elon Musk, billionaire investor Mark Cuban, and the American rapper Snoop Dogg.
But, Shiba Inu has a high-profile supporter, Charles Xue Biqun or otherwise named Xue Manzi. He is a Chinese-American billionaire and well-recognized angel investor.
Also, Coindesk reported
that Xue has tracked the development of Shiba Inu’s price and posted it on his social media accounts.
Currently, Xue has over 11 million followers on Weibo, a microblogging platform in Chiba.
At the same time, Shiba Inu accumulates popularity on some of the biggest social media platforms in China like Weibo and WeChat.
Several news sites noted that Chinese social media influencers have made profound contributions to this “DOGE killer” coin.
Shiba Inu quick info
According to its website, SHIB is an altcoin (an ERC-20 token) that allows users to hold billions to trillions of its Shiba token. Besides, several crypto exchanges have listed this token.
To name crypto exchanges in which SHIB is available, these are MXC.COM, Uniswap (V2), Hotbit, 1inch Exchange, 0x Protocol, the cryptocurrency firm Crypto. com. and its decentralized exchange — ShibaSwap.
Moreover, Huobi, KuCoin, and OKEx have listed SHIB. These are three popular cryptocurrency exchanges in China. Recently, Binance has listed Shiba on Monday.
Risks in investment
Furthermore, the website explains that this new digital coin is an experiment in decentralized community building and another meme coin similar to Dogecoin.
It added that Uniswap has 50% of its total supply, and Ethereum co-founder Vitalik Buterin has the remaining 50% of the coins.
“Everyone has to buy on the open market, ensuring a fair and complete distribution where devs do not own team tokens they can dump on the community.” the site explained since the Shiba coin is the first project following this path.
However, the website of Shibatoken does not reveal any information about the person or people behind it. Governments keep on reminding crypto investors to be cautious.