Shiba Inu (SHIB), one of the most popular meme-based cryptocurrencies, has achieved a new milestone on Binance, the world’s largest crypto exchange by trading volume.
On April 18, Binance announced that it would move SHIB, along with three other tokens – Frax Share (FXS), Trust Wallet Token (TWT), and 1inch (1INCH) – out of the Innovation Zone and into the main market.
The Innovation Zone is a trading platform for new and innovative crypto projects that pose higher risks. Binance periodically reviews the tokens and selects some to transition to the main market based on various criteria such as team commitment, development activity, trading volume, liquidity, network stability, and contribution to a healthy and sustainable crypto ecosystem.
SHIB’s move out of the Innovation Zone shows Binance’s confidence in the token’s potential for long-term growth. SHIB was created in August 2020 as an Ethereum-based alternative to Dogecoin (DOGE), another popular meme coin. SHIB claims to be the “DOGECOIN KILLER” and has a total supply of one quadrillion tokens1. Shiba Inu has a market cap of $6.7 billion and ranks as the 14th largest cryptocurrency.
The transition out of the Innovation Zone may boost SHIB’s position in the market and attract more investors who are looking for a fun and accessible way to participate in the crypto space. Binance assured users that other services related to SHIB, such as deposits, withdrawals, and transfers, would not be affected by the move.
The exchange also reiterated its commitment to promoting transparency and long-term, sustainable growth in the crypto ecosystem, and congratulated the SHIB team and community for their achievement.
The move by Binance comes after a recent surge in SHIB’s price, which saw it reach an all-time high of $0.0000388 on April 20, according to CoinGecko data.
However, some experts have cautioned that meme-based cryptocurrencies like SHIB may not have a long-term future and could be vulnerable to price crashes and scams. As with any investment, investors should exercise caution and do their own research before buying or selling SHIB or any other cryptocurrency.
Shiba Inu price today, SHIB to USD live, marketcap and chart | CoinMarketCap
Shiba Inu burn Rate
The crypto exchange says it plans to add more tokens to the PoR system in the weeks ahead.
Binance also upgraded its proof-of-reserves system for SHIB. This system uses Merkle tree cryptography to let users verify their holdings. Binance added zk-SNARKs, a type of zero-knowledge proof, to provide more transparency on user funds3. Users can now verify that all user assets are included in the total net balance of user assets stated by Binance.
Before Binance moved SHIB out of the Innovation Zone, some crypto whales moved 3.48 trillion SHIB in a single transaction, worth $40.2 million. This shows that some big investors are interested in SHIB.However, SHIB’s price only increased by 2% after Binance’s announcement.
At press time, SHIB is trading at $0.000011. The Shiba Inu burn rate has dropped by 86% in the last 24 hours. ShibArmy burned only 31 million SHIB to a dead wallet over the past day.
