thecryptobasic.com
Big Boost for Shiba Inu as Binance Now Trusts SHIB as a Regular Coin, Removes it from Innovation Zone.
The development comes nearly two years after the exchange decided to provide support for Shiba Inu.
Binance, the world’s largest exchange by daily trade volume, has decided to move Shiba Inu (SHIB) out of the innovation zone following an extensive review of the asset’s tokenomics and behavior. The move indicates that the exchange now trusts SHIB as a regular asset worthy of full, undiluted support nearly two years after it listed it.
Binance plans to take SHIB, along with three other assets, out of the Innovation Zone on April 18, according to an official announcement today.
The exchange noted that the decision was made based on recent reviews on the token.
“Overtime, some of these projects have proven their worth and meet the high level of standard that we expect. When we identify such projects during our periodic project review, we will move them out of the Innovation Zon.”
#Binance will move the following tokens out of the Innovation Zone:
🔸 $SHIB
🔸 $FXS
🔸 $TWT
🔸 #1INCHhttps://t.co/BepOq4WVYm— Binance (@binance) April 17, 2023
Binance created the Innovation Zone in September 2020 to give its users the ability to trade new and potentially innovative crypto assets. The Innovation Zone demands traders to have good understanding of the risks involved in trading crypto.
Assets in the Innovation Zone are considered highly risky and volatile. Binance only moves assets out of the Innovation Zone when the review finds them worthy of full and undiluted support.
Various factors are evaluated when assessing assets in the Innovation Zone, including team commitment, development activity, trading volume, network stability, communication level, responsiveness, ethical conduct, and contribution to the crypto ecosystem, among others.
Taking Shiba Inu out of the Innovation Zone grants SHIB a place among fully supported tokens such as Bitcoin (BTC) and Ethereum (ETH), and further underscores the token’s rising prominence in the crypto scene. Binance listed SHIB in the Innovation Zone in May 2021, nine months after the token launched.
Wen Bone?
The move from Binance comes amid a period of heightened social activity surrounding the Shiba Inu ecosystem fueled by the launch of Puppynet, the Shibarium beta network, and its growing adoption rate. The test network continues to make giant strides in terms of transaction count and number of wallets.
However, the Shiba Inu community has continued to call on Binance to list Bone ShibaSwap (BONE), the governance token of ShibaSwap and the gas token for Shibarium. A petition was officially launched on Change.org ten months ago in this regard.