Why is ShibaDoge (SHIBDOGE) rising today?

Highlights

• ShibaDoge (SHIBDOGE) is a community-driven token created by whales of Shiba & Dogecoin communities.
• SHIBDOGE’s listing on the Bitmart cryptocurrency exchange is delayed until Friday this week.
• SHIBDOGE has a total of 5,782 holders currently.

In the crypto world, meme tokens are not new. Dogecoin (DOGE), a meme token, was started as a joke, and then another meme token Shiba Inu (SHIB), came with a purpose to kill Dogecoin. 

However, both still exist, and their holders also keep increasing with each passing day. According to CoinMarketCap, DOGE currently has a total of 4,221,710 holders, and SHIB has 1,198,789 holders.

Amid the growing popularity of these meme tokens, a new token was launched in December 2021 by the whales of these two tokens and named it ShibaDoge, with a purpose to bring together two enemies for a greater good.

ShibaDoge got traction as it was supposed to be listed on the Bitmart cryptocurrency exchange on March 16, 2022. But as per the latest development, BitMart, a four-year-old crypto exchange, faced some technical glitches and thus, the listing is delayed until Friday this week. 

ShibaDoge (SHIBDOGE) was up 6.50% at US$0.000000000000000317 at 4:20 am ET, Wednesday.

ShibaDoge’s mission is to support the Decentralized Finance (DeFi) and Web3 by combining the two already popular meme communities and leveraging the number of holders for pursuing its DeFi and Web3 goals.

Currently, DogeCoin has completed more than 50% of the phase 2 targets, including more than US$25 million stable market capitalization target and 20,000 Instagram follower target. 

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It has the target to achieve a stable market capitalization of US$200 million in phase3, which is relatively high from its current market capitalization of US$61.5 million. 

In the short term, it wants to merge 1% of the DOGE and SHIB audience to create utility for around 50,000 first mover holders. But the short term for it is not defined clearly in the whitepaper.

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Price and performance:

SHIBDOGE is a utility token. The ERC20 token trades on the Ethereum network. 

Out of its total token supply of 420 Sextillion, it burned 50% on launch and locked 5% for project security and 5% for marketing or project growth. This auto deflationary token has kept the limit of 1% per wallet size to protect it from whales.

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In the last 24-hours, its volume rose 282.56% to US$1,488,987. The token has a self-reported circulating supply of 194,779,191,564,042 billion SHIBDOGE.

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Bottom line

Currently, the token is available for purchase on Hotbit, Uniswap (V2), and XT.COM cryptocurrency exchange.

The Crypto market is highly volatile and risky. Many scams have been noticed lately, and one must exercise proper due diligence while investing in the digital assets market.

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