Shiba Inu has hit a new milestone as Binance recognizes the meme coin’s full potential and tokenomics. A recent announcement shows that Binance has moved Shiba Inu from its Innovation Zone to stand as a fully supported coin on its platform.
During its periodic review of crypto projects, Binance noted that SHIB has proven worthy and meets its high standard. The latest development comes after nearly two years that Binance supported SHIB but considered the token an innovative, high-risk, and volatile cryptocurrency.
Binance Says Shiba Inu Meets High Levels of Standard
According to an announcement, Binance decided it was time for Shiba Inu and three other tokens to leave the innovation zone after its review. Binance introduced the Innovation Zone in 2020 with the aim to provide a haven for users to trade new and innovative projects, knowing the risk involved.
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Crypto assets in the innovation zone are considered highly volatile and risky. According to Binance, it will only move tokens in the Innovation Zone out when they prove worthy of its full support.
Notably, the cryptocurrency exchange evaluates cryptocurrencies based on certain factors such as ethical conduct, responsiveness, development activity, trading volume and liquidity, network stability, and much more.
Binance noted that it reviews projects listed on its platform based on these factors and delists those found wanting in these areas. After a recent review, the leading cryptocurrency platform decided Shiba Inu is mature enough to leave the innovation zone.
Shiba Inu is now among fully supported crypto assets like Ethereum and Bitcoin. This achievement demonstrates Shiba Inu’s growing influence and utility in cryptocurrency. It took nine months after Shiba Inu’s launch in 2020 for Binance to list it in the Innovation Zone in May 2021.
SHIB Community Requests Binance To List BONE
Binance’s latest move follows weeks of spiking social and developmental activity in the Shiba Inu ecosystem. These activities followed the hype surrounding the Shibarium test net launch and the upcoming mainnet launch.
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Also, the SHIB community witnessed a surge in burn rates due to the increased social activity as Shibarium gained more adoption. The growing support for Shibarium among the meme coin community manifested in the rising number of daily transactions and wallets.
Although Binance has fully supported SHIB, the exchange has yet to recognize Bone. As such, the Shiba Inu community called on Binance to list BONE. The community launched a petition on Change.org, beckoning Binance to list the token.
Meanwhile, the Shiba Inu price is trading bearishly today in line with the declining global cryptocurrency market cap. The meme coin price has dropped by 0.78% and traded at $0.00001148 over the last 24 hours.
Featured image from Pixabay and chart from Tradingview