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WazirX lists popular Dogecoin knockoff Shiba Inu coin as meme coin frenzy catches on

Shiba Inu coin or SHIB, the self-proclaimed "dogecoin killer", was created in August 2020 by somoene who uses the name Ryoshi.

May 14, 2021 / 10:58 AM IST

Cashing in on the frenzy surrounding meme-based coins, India's largest cryptocurrency exchange WazirX on May 13 listed the shiba inu (SHIB) token on its platform. At the time of writing this copy, SHIB was trading at Rs 0.00165 on WazirX.

"We were receiving a lot of requests from our community to bring SHIB on WazirX, and hence, we decided to list it," CEO Nischal Shetty told CoinDesk.

However, according to its official blog, the Mumbai-based exchange does not accept direct SHIB deposits or facilitate SHIB withdrawals.

The rise in popularity of Dogecoin has led to the creation of a bunch of "meme coins: which have managed to rake in billions worth of investment in a matter of months

Among them is SHIB, the self-proclaimed "dogecoin killer", which was created in August 2020 by someone who uses the name Ryoshi. It is modelled after Dogecoin and has a market capitalisation of over $7.8 billion as of May 14, 2021.

Recently, Ethereum creator Vitalik Buterin donated over 50 trillion SHIB, worth around $1.14 billion (at the time of the transaction), to India's COVID-Crypto Relief Fund. However, following the transaction, SHIB dropped over 35 percent.

Earlier this week, the Mumbai-based CoinDCX exchange also launched a spot market for SHIB pairs.
Moneycontrol News
first published: May 14, 2021 09:15 am

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