u.today
In a significant milestone for the Shiba Inu (SHIB) token, Binance has announced its decision to move SHIB, along with Frax Share (FXS), Trust Wallet Token (TWT), and 1inch (1INCH) out of the Innovation Zone on April 18, 2023.
The move signals increased confidence in the projects and their potential for long-term growth and sustainability in the crypto ecosystem.
Binance introduced the Innovation Zone as a secure platform for users to trade new and innovative projects while managing their risks.
Over time, some projects demonstrate their value and meet the high standards expected by Binance. The exchange conducts periodic reviews to identify such projects and transition them out of the Innovation Zone.
Criteria considered during these reviews include the commitment of the team to the project, development activity, trading volume, liquidity, network stability, and contributions to a healthy and sustainable crypto ecosystem.
The decision to move Shiba Inu out of the Innovation Zone serves as a vote of confidence in the token's future. As one of the most popular meme-based cryptocurrencies, SHIB has garnered attention and investment over the past few years. Its market cap currently sitting at $6.7 billion, according to CoinGecko data.
The transition out of the Innovation Zone may further solidify SHIB's position in the market and attract more investors.
Binance reassured users that other services related to the tokens would not be affected by the move. The exchange remains committed to promoting transparency and long-term, sustainable growth in the crypto ecosystem, and the decision to transition these tokens highlights the progress made by these projects.