Newly Launched Meme Coin $SHIBA Skyrockets 3,000% as it Proclaims ‘Birth of a New King’

A recently launched meme-inspired cryptocurrency called Shiba ($SHIBA) has seen its price rise by more than 3,000% since the beginning of the month, and over 750% in a single 24-hour period, as it seemingly gains steam on the decentralized exchange Uniswap.

According to data from Ethereum blockchain explorer Etherscan, while the self-proclaimed “Dogecoin killer” SHIBA isn’t listed on centralized cryptocurrency trading platforms like Coinbase and Binance, its trading volume has been surging to near $3 million over a 24-hour period on the popular decentralized exchange Uniswap.

Notably the surge appears to be connected to low liquidity, with Ethereum blockchain data showing only around 16,500 transactions for the cryptocurrency, which now has little over 1,900 token holders.

On its website, as reported by Benzinga, SHIBA proclaims itself as the “rebirth of the DOGE killer,” and stresses the expectation for a new leader and showcases the excitement of the Shiba whales, while adding tht the world has “witnessed a lot of disappointments, the Shiba whales have their eyes blazing.” It adds that it’s “time for the birth of a new king, a new Doge Killer of 2023, $SHIBA.”

SHIBA’s token supply structure, according to its websites, leaves 47% ,or 470 trillion tokens, to be “burned at launch,” while an additional 300 trillion tokens will be “removed from circulation at launch.” 5% are reserved for centralized exchange listings, while 5% are reserved for a “marketing and development fund.”

The token also reserved 4% for an ecosystem fund, 4% to fund cross-chain trading platforms, and 5% for the team behind the project. Reminiscent of rival meme-inspired cryptocurrency Shiba Inu ($SHIB), the project also launched a token under the ticker $BONES, which is the “official gas token for Shibarium chain.”

Featured image via Pixabay.

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