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Meme Coins are Gaining Traction. Binance Launches SHIB/DOGE Trading Pair

·2 min read

Meme coins have become very popular within the cryptocurrency space, and Binance has now taken a step further to increase the competition.

Binance Lists The SHIB/DOGE Trading Pair

Shiba Inu and Dogecoin are two of the leading meme coins in the cryptocurrency space. The duo currently occupy ninth and tenth place in the cryptocurrency space in terms of market cap. Collectively, their market caps are worth over $70 billion.

The popularity of Dogecoin (DOGE) and Shiba Inu (SHIB) prompted Binance, the world’s largest cryptocurrency exchange, to launch a SHIB/DOGE trading pair on its platform. Binance announced yesterday that it would open trading for SHIB/DOGE trading pair at 2021-11-02 08:00 AM (UTC).

This latest development makes Binance the first major cryptocurrency exchange to offer a trading pair of the two leading meme coins. Dogecoin is listed against the regular coins such as USDT, BUSD, BTC, ETH and other stablecoins. Shiba Inu is also listed against some of those leading cryptocurrencies and stablecoins.

However, this is the first time Shiba Inu and Dogecoin are listed against each other. Binance would be expecting that by listing the SHIB/DOGE trading pair, the competition between the two leading meme coins would increase and drive more trading volume to its crypto trading platform.

SHIB/USD chart. Source: FXEMPIRE
SHIB/USD chart. Source: FXEMPIRE

Shiba Inu Overtakes Dogecoin

Shiba Inu is one of the best-performing coins in recent weeks. The SHIB token is up by more than 50% over the past seven days compared to just 2.7% for Dogecoin. Shiba Inu’s rally in recent weeks saw its market cap climb to $39 billion, surpassing Dogecoin in that aspect.

At the time of writing, SHIB is the ninth-largest cryptocurrency by market cap, while DOGE occupies tenth place. SHIB’s value has soared by 779% over the past month, and no coin amongst the top 100 by market cap has delivered that level of returns over the last few weeks.

This article was originally posted on FX Empire

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