Crypto Shakeup: Binance removed Shiba Inu From Innovation Zon
According to recent news, On Monday, Binance, the world’s largest cryptocurrency exchange, reported that Frax Share (FXS), Shiba Inu, Trust Wallet Token, and 1INCH decided to leave the Innovation zone.
Binance allows users to buy and sell innovative and new projects and allows registering these tokens in the Innovation zone.
Moreover, it warns the users of the hazards of investing in new tokens. Also, it authorizes the crypto exchange to stabilize the dedication to unrolling the money’s freedom.
Key Takeaways:
- Binance removed Shiba Inu, Trust Wallet Token (TWT), 1INCH, and Frax Share (FXS) from its Innovation Zone.
- The Innovation Zone allows users to trade new projects and warns of investing in new tokens.
- Binance evaluates registered projects based on team commitment, network safety, development activity, stability, liquidity, and ethical practices.
- Despite leaving the Innovation Zone, these tokens gained community trust through rising participation and development.
- An upward trend is expected for these tokens after leaving the Innovation Zone.
CoinGape News took to Twitter to announce that Binance moved out 1INCH, Shiba Inu, TWT, and FXS from the innovation zone.
On 17 April, Binance is planning to move Frax share (FXS), Shiba Inu (SHIB), Trust Wallet token (TWT), and 1INCH from the innovation zone, according to the announcement. From 18 April on Tuesday, these tokens will be easily accessible to users.
However, Binance evaluates the projects register in innovation periodically. These projects meet high standards and prove their valuation. But the crypto exchange allows these tokens to leave the innovation zone.
Crypto market trends took to Twitter to announce that the tokens named Shiba Inu, Trust Wallet Token, and Frax Share are moving out from the Innovation zone. Moreover, according to the WhaleAlert data, 3.48 trillion Shibainu coins leave the innovation zone in one transaction.
When Binance evaluates the project periodically, it appraises many factors. It considers communication and community size of the project, project team commitment, network safety, quality and level of development activity, stability, liquidity, and trading volume.
Moreover, Binance checks the evidence for negligence and unethical project practices. Also, it checks the offerings to the crypto community and, due to continuance appeals, checks the project’s responsiveness.
SHIB Bezos announced on Twitter that Binanace confessed that Shiba Inu is a “High level of Standard” and decided to remove it from the innovation zone.
Let’s see what happened after Shibarium Beta was released. Last month after the release of Shibarium Beta “Puppynet”, Shiba Inu observed community participation, trading volume, and activity development. The project participating with Shibarium and the number of wallets that hold SHIB increase constantly.
On the other hand, by introducing the 1-inch stablecoin($1IS), launching the 1-inch wallet amid rising development activity, and providing Liquidity, 1Inch grabs the community’s attention.
Moreover, Frax Shares and Trust Wallet Token also finds, amid heightened regulatory scrutiny, an Upgrade of Ethereum Shanghai and the huge attention of the community. The trust of the community in these projects is rising day by day.
At the recent announcement from Binance, traders didn’t show an instant response. At this time, the trading rate of Shiba Inu is $0.00001146. In the last 24 hours, instead of rising SHIB burns, the price of Shiba Inu fell 2%.
In the meantime, the price of Frax Share (FXS) fell over 3%, the price of Trust Wallet Token (TWT) rose 3% at $1.29, and the price of 1INCH increased 1 % in the last 24 hours. In the coming days, an upside move is expected for these tokens leaving the innovation zone.