Dogecoin Vs. Shiba Inu Trade To Play Out As Binance Lists SHIB/DOGE Trading Pair

Shiba Inu SHIB/USD rallied 13% after Binance, the world’s largest crypto exchange by trading volume, added Dogecoin DOGE/USD as a base trading pair.

What Happened: At 4 a.m. ET on Monday, Binance announced support for the SHIB/DOGE trading pair.

New trading pair: $SHIB / $DOGE 🐶

 https://t.co/jt2yBaBPTU pic.twitter.com/nRfyMKItQm

— Binance (@binance) November 1, 2021

Shiba Inu and Dogecoin have often been pitted against each other, with the former proclaiming itself to be a “Dogecoin Killer” on its website.

Shiba Inu’s explosive October rally propelled it to the ninth largest cryptocurrency with a market cap of $39 billion. In doing so, the meme-based crypto has outpaced its rival Dogecoin, which had a market cap of $35.7 billion at the time of publication Monday afternoon.

Crypto traders can now directly take advantage of the mean reversion trade that would bring the meme coins' market caps back to parity. Shiba Inu supporters would likely short DOGE and long SHIB, while those bullish on Dogecoin would short SHIB and long DOGE.

“The smartest trading pair listing I've seen this year,” commented one user on Twitter.

Meanwhile, some popular trading platforms such as Robinhood Markets Inc HOOD are yet to make Shiba Inu available despite numerous calls to list it from users.

Price Action: At publication Monday afternoon, Dogecoin was trading at $0.2708 after gaining 0.11% in the last 24 hours. Dogecoin had a daily trading volume of $3.3 billion.

Shiba Inu was up 6% at $0.00007105 and had a daily trading volume of $8.8 billion.

Photo by Crystal Mapes on Unsplash