Binance Launches Shiba Inu (SHIB)-Dogecoin (DOGE) Trading Pair

Binance is making cryptocurrency trading more interesting by launching the Shiba Inu and Dogecoin trading pair on Tuesday. Both these tokens are inspired by internet memes and are insanely popular.

“Binance will open trading for SHIB/DOGE trading pair at 2021-11-02 08:00 AM (UTC),” Binance wrote on its official announcement on Monday.

With this, Binance will be the first major cryptocurrency exchange to offer a trading pair of two meme tokens. It is being introduced, when the prices of both the tokens are surging rapidly despite having no intrinsic value.

Battle of Two Meme Tokens

Shiba Inu, which is marketed as a Dogecoin killer, saw a significant surge in recent months. It has even become one of the fastest-growing cryptocurrencies. Finance Magnates recently reported that an anonymous trader invested $8,000 in SHIB last year in August and is now sitting on $5.7 billion worth of meme tokens. This also turned out to be the greatest known trade of all time.

Additionally, the Dogecoin rally earlier this year received mainstream attention as Elon Musk, the world’s richest man, turned out to be one of the major proponents of the meme token, constantly tweeting in its support. Moreover, it received a push from other celebrities from across the industries.

The popularity of both these so-called ‘dog coins’ even included them in the list of top 10 cryptocurrencies in terms of market cap: SHIB is holding the ninth position with a market cap of more than $38 billion, while DOGE is the tenth with over $35 billion in market cap.

Most recently, rumors of Tesla’s plan of accepting Shiba Inu as payments were floated across the markets as someone noticed the name SHIBA in the source code of the Tesla website. However, the name of the meme token was taken down without any official confirmation.