A recently launched meme-inspired cryptocurrency called Shiba ($SHIBA) that proclaimed to be the “Birth of a New King” that earlier this month saw its price rise by more than 3,000%, is now down over 84% from its peak.

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 $250,000 million over a 24-hour period on the popular decentralized exchange Uniswap.

As CryptoGlobe reported when the price of SHIBA surged earlier this month, the price rise appeared to be associated with low liquidity. Ethereum blockchain data shows it has seen 28,200 transactions and has a total of 2,047 holders.

Its price is down around 84.4% from a peak of $0.0000000078 to its current level around $0.00000000121.

On its website, 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 that 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.”

According to its websites, SHIBA’s token supply structure leaves 47%, or 470 trillion tokens, to be “burned at launch,” while claiming 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 Unsplash.

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