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SHIB and DOGE officially compete against each other in a new trading pair on Binance

SHIB and DOGE officially compete against each other in a new trading pair on Binance. The coin meme continues to be at the center of the crypto market. There is still a lot of talk about the performance of Dogecoin, Shiba Inu (SHIB), Floki Inu (FLOKI).

The fight between SHIB and DOGE

Shiba Inu (SHIB) was founded during the DeFi Summer explosion in 2020. It calls itself a “Dogecoin Destroyer” and creates a story that turns two of the most passionate communities on Twitter against each other.

When Shiba Inu was founded, it was only a tiny fraction of Dogecoin’s market cap and not many people thought that one day it would be a multi-billion dollar project that would make it to the top. The top 10 cryptocurrencies by market capitalization is a fact.

In the crypto space, however, anything is possible and from November 2021 – SHIB’s total market capitalization is over 40 billion US dollars and is currently in 9th place, one place ahead of Dogecoin – the competitor it wants to destroy.

This has of course pitted communities against each other where some argue for SHIB and others defend DOGE instead. And amid it all, the world’s leading crypto exchange is trying to make the most of the feud.

Binance adds SHIB-DOGE

In an announcement today, Binance said it will open trading for the SHIB / DOGE trading pair at exactly 3:00 p.m. (i.e. 8:00 a.m. UTC) on November 2nd.

Like any other cryptocurrency trading pair, this pair will increase as the SHIB price increases relative to the DOGE price and vice versa.

What is more interesting here is that speculators are enabled to exchange both coins directly for one another and also to uncover the value of one for the other. This creates the stage for a competition like the one between Bitcoin and Ethereum, but of course to a completely different extent.

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Annie

According to Cryptopotato

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.