On Monday, Binance, the world's largest cryptocurrency exchange, announced its decision to remove four tokens, namely Shiba Inu (SHIB), 1INCH, Trust Wallet Token (TWT), and Frax Share (FXS) from its Innovation Zone. The Innovation Zone is a platform where users can trade new and innovative crypto projects that are listed by Binance.
The listing of tokens in the Innovation Zone enables Binance to promote financial freedom by offering its users access to new and innovative crypto projects. At the same time, the platform also aims to protect users from potential risks associated with investing in new tokens. By limiting and warning users about the risks, Binance strives to balance its commitment to promoting the freedom of money with ensuring the safety of its users.
Binance Removes Shiba Inu (SHIB) After Shibarium Beta Release
Binance has announced its plan to remove Shiba Inu (SHIB), 1INCH, Trust Wallet Token (TWT), and Frax Share (FXS) from the Innovation Zone effective April 18, as stated in an official announcement on April 17. Users will be able to access these tokens in their entirety from the said date.
As part of its commitment to balancing user safety with the promotion of financial freedom, Binance periodically reviews projects listed in the Innovation Zone. Tokens associated with projects that have demonstrated their worth and met high standards are removed from the Innovation Zone.
Binance takes various factors into account during these periodic reviews, including the project team's dedication, development activity level and quality, trading volume and liquidity, network stability and security, and community size and communication. Additionally, Binance assesses project responsiveness to periodic due diligence requests, their contribution to the crypto community, as well as evidence of unethical practices and neglect.
Following the release of Shibarium Beta “Puppynet” last month, Shiba Inu has experienced a surge in trading volume, development activity, and community participation. The number of wallets holding SHIB and projects collaborating with Shibarium continue to increase.
1Inch Exchange has caught the attention of the community due to its rising development activity, provision of liquidity, introduction of 1inch stablecoin ($1IS), and launch of the 1inch Wallet.
Trust Wallet Token and Frax Shares have also seen a significant increase in community attention, particularly amid increased regulatory scrutiny and the Ethereum Shanghai upgrade. These projects have recently gained the community's trust, resulting in an increase in prices.
Prices To Rally？
The announcement by Binance did not result in an immediate response from traders. Despite the increasing number of SHIB burns, the price of Shiba Inu is currently trading at $0.00001146, down by 2% in the last 24 hours.
On the other hand, Trust Wallet Token (TWT) is trading up 3% at $1.29, while 1INCH's price has increased by 1% to $0.5713. The price of Frax Share (FXS) has declined by over 3% in the last 24 hours. However, it is expected that these tokens will experience some upward movement in the near future following their removal from the Innovation Zone.
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