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Shiba Inu: Thousands of BONE Move to Binance Wallet, Triggering Speculation of Imminent Listing

source-logo  thecryptobasic.com 21 November 2023 14:10, UTC

The transfer of thousands of BONE tokens to a Binance-linked wallet has fueled speculation that the leading exchange could list the Shiba Inu ecosystem asset.

A listing on the world’s largest cryptocurrency exchange by trading volume is one of the most coveted milestones for any blockchain-based project. The Shiba Inu project already enjoys this status with the SHIB token listed on Binance.

However, speculations have arisen that an additional milestone for the Shiba Inu ecosystem may be in the pipeline, this time involving BONE. BONE is the governance token of ShibaSwap, a decentralized exchange developed by the Shiba Inu ecosystem team.

Eagle-eyed investors have spotted the movement of large amounts of BONE tokens to an address linked to Binance.

Specifically, an unknown user transferred 17,000 BONE tokens (approximately $10,000) to an address tagged by blockchain explorer Etherscan as belonging to Binance. At the same exact time, another address moved 507.2 BONE (approximately $322) to the same Binance address.

The nature of the transfers and the amount involved have fueled speculation within the SHIB community that Binance is potentially gearing up to list the asset.

Is Binance Set to List BONE?

Several factors may be behind the recent transfer of thousands of BONE to Binance’s wallet. The transfer may remotely be considered evidence that the exchange is gearing up to list the asset.

However, such a case seems less likely as the current transfer is not the first involving this specific Binance address and BONE tokens. The blockchain trail shows that the address has previously received and transferred BONE several times since its initial interaction with the token roughly two years ago.

Meanwhile, the transfers may also be a case of Binance users erroneously transferring BONE tokens to Binance, hoping they can trade the asset on the platform.

In most cases, such transfers could be lost as the exchange will not credit the deposit and simply remind users that they do not support trading on the asset. In rare cases, the exchange may choose to credit the deposit anytime in the future that they list the asset.

The latest BONE transfers show that Binance actively interacts with BONE. Even though the asset is not listed for trading on its platform, such an interaction could pave the way for a listing in the future, but this remains speculative as of press time.