Binance, the largest cryptocurrency exchange in terms of daily trading volume, made various statements about SHIB and 3 altcoins. It announced that it will remove 4 altcoins from the Innovation Category. Here are the details…
Binance removes SHIB and 3 coins from Innovation Category
Binance, one of the world’s largest cryptocurrency exchanges, announced on April 18, 2023 that it will move four tokens out of the Innovation Zone. The affected tokens were Shiba Inu (SHIB), Frax Share (FXS), Trust Wallet Token (TWT) and 1inch (1INCH). cryptocoin.com As we have also reported, the Innovation Zone has been introduced by Binance as a safe place where users can transact in new and innovative cryptocurrency projects. However, as some of these projects grew in popularity and proved their worth, Binance decided to remove them from the Innovation Zone.
According to Binance, the decision to remove a token from the Innovation Zone is based on several factors. These include team commitment to the project, level and quality of development activity, trading volume and liquidity, network and smart contract stability, and level of public communication. Binance also considers evidence of unethical or fraudulent behavior as well as the team’s response to periodic due diligence requests.
Despite exiting the Innovation Zone, other services related to the affected tokens will not be affected. This means that users can continue to buy, sell, deposit and withdraw tokens as normal.
What was the effect of the announcement on prices?
The announcement from Binance is seen as likely to have an impact on the prices of the affected tokens. So, how have crypto money projects been affected by this situation? First of all, if we look at the price of SHIB, the popular meme coin is changing hands at $0.00001143 with a decrease of 2.08 percent and it seems that its exit from the Innovation Category had no effect on the price. Considering how popular SHIB has been lately, it makes sense to drop it out of the Innovation Category of risky assets. Because the crypto money project SHIB: The Metaverse came to the fore with developments such as Shibarium and ShibaSwap and showed its determination to expand its network.
On the other hand, TWT celebrates its exit from the Innovation Category with a 4 percent rise. The value of TWT rose from $1.24 to $1.30 today. FXS fell 3.22 percent to $10.18, while 1INCH gained 0.37 percent. As a result, the removal of cryptocurrencies from the Innovation Category does not seem to have affected the price much. This may indicate that these crypto money projects have already proven their worth.
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