Dogecoin inspired Shiba Inu (SHIB) coin is on fire. After getting listed on major exchanges like Binance, Shiba Inu coin has plans to launch more tokens in the future. So far Shiba has released SHIB coin, LEASH, BONE and has a plan to release the TREAT token soon.
More details about the token, tokenomics and roadmap are present in the woofpaper (some doggy name for white paper) release by Shiba Inu founders.
Since the start of May, shiba inu tokens have shot up in value. According to CoinGecko, the tokens have gone from $0.0000015 to their current value of $0.00003 — a 1,900% rise. This was helped by recent listings on crypto exchanges OKEx, Huobi, FTX and Poloniex, kucoin and Binance.
There is an account that purchased 200 billion tokens for just $17 in October 2020. Those tokens are now worth $6.5 million on paper. But, with current liquidity, they could actually be cashed out through decentralized exchange Uniswap for $5.9 million.
These dogecoin inspired token specially Shiba Inu (SHIB) are causing havoc on the Ethereum blockchain. Transactions involving the SHIB tokens are now using up 10% of available gas, the token used to pay for Ethereum fees. According to Etherscan, this has helped raise fees to around $20 for a simple transaction and around $180 for a swap on Uniswap.