Binance has added the SHIB/DOGE trading pair, bringing together the Crypto industry's favorite dogs.
Meme-coins have taken over the cryptocurrency space, capturing the attention of many coin holders. Several of these coins have entered and exited the realm in the last year. However, Dogecoin has remained a meme coin since 2013. Shiba Inu, its competitor/dog-friend, has increased by nearly 946 percent since October 1, 2021.
This tremendous increase in value has piqued the interest of investors in the project's future, though rumors of a scam were also circulating. Nonetheless, cryptocurrency exchanges have kept an eye on Shiba in response to DOGE's unexpected rally and in order to meet user demand. Binance has now launched the ideal pair – SHIB/DOGE – to engage both communities.
The SHIB/DOGE pair will begin trading on Binance on Tuesday, November 2nd at 8:00 AM [UTC].
DOGE vs. SHIB
The rivalry between the two tokens is obvious, as they both promised large profits to investors while currently lacking concrete use cases. One might wonder, then, where is the competition?
Shiba Inu, despite being launched in 2020, has amassed a market capitalization of more than $40 billion. This put it ahead of Dogecoin, which had a market cap of $33 billion. The altcoin was definitely competing with DOGE, as Shiba's official website calls it "the Dogecoin killer," but only time will tell if this growth is sustainable.
Meanwhile, other exchanges were looking to cash in on the Shiba Inu craze. Coinbase, one of the world's largest centralized exchanges, listed Shiba a few weeks ago, causing the price to rise as well.
Aside from listing, Coinbase also added SHIB to its AppStore listing alongside crypto giants like Bitcoin and Ethereum, making it the number one coin on iPhone and Android online stores, as Twitter CEO Jack Dorsey pointed out.
SHIBA and DOGE can continue to be the market's favorite doggos for the time being, but it will be critical for the projects to support utility if they are to remain so.