Shiba Coin Sees Massive Price Surge on Uniswap
A cryptocurrency called Shiba ($SHIBA) has experienced an astronomical price increase of over 3,000% since the start of the month, with a 750% surge in just 24 hours. This surge is happening on the decentralized exchange Uniswap.
Although Shiba is not listed on major centralized trading platforms like Coinbase and Binance, its trading volume on Uniswap has reached nearly $3 million in a 24-hour period. However, low liquidity seems to be driving this surge, as data from the Ethereum blockchain shows only around 16,500 transactions for Shiba, with just over 1,900 token holders.
The “Rebirth of the DOGE Killer”
According to Shiba’s website, the cryptocurrency positions itself as the “rebirth of the DOGE killer.” It aims to become a new leader in the market and emphasizes the excitement of its community of Shiba whales. The website states that it’s time for a new king and declares itself as the Doge Killer of 2023.
Token Supply Structure and Additional Token Launch
Shiba’s token supply structure involves burning 47% (470 trillion tokens) at launch and removing an additional 300 trillion tokens from circulation. Additionally, 5% is reserved for centralized exchange listings, and another 5% is allocated to a marketing and development fund.
The project also sets aside 4% for an ecosystem fund, 4% for funding cross-chain trading platforms, and 5% for the project team. Similar to Shiba Inu ($SHIB), Shiba has launched another token called $BONES, which serves as the official gas token for the Shibarium chain.
Hot Take: Shiba’s Meteoric Rise and Potential Risks
Shiba’s recent price surge is undoubtedly remarkable, but it also comes with potential risks. The surge appears to be driven by low liquidity on Uniswap, which can lead to increased volatility and manipulation. Additionally, the hype surrounding meme-inspired cryptocurrencies like Shiba raises concerns about the sustainability and long-term viability of these projects.
Investors should approach such investments with caution and conduct thorough research before getting involved. While there may be opportunities for significant gains, there are also substantial risks involved in investing in highly speculative assets like Shiba.
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