Memecoins continue to take center stage in 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 pit the two leaders of the memecoin market 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 which would end up pinning two of 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’ve been reminded once again that anything 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. , a place above Dogecoin – the competitor it was intended for. “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 in the midst of it all, the world’s leading cryptocurrency exchange is looking to make full use 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.
Like any other cryptocurrency trading pair, this one will increase when the price of SHIB 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 paves the way for a competition like that between the Bitcoin and Ethereum bulls, but on a completely different scale, of course.
