Binance, the biggest cryptocurrency exchange globally, has opted to delist Shiba Inu (SHIB), 1INCH, Trust Wallet Token (TWT), and Frax Share (FXS) from its Innovation Zone, making these assets no longer unique to that particular platform.
By creating an Innovation Zone, Binance offers its users the opportunity to trade cutting-edge and novel projects. This feature reflects the exchange’s dual commitment to promoting the financial freedom that cryptocurrencies can provide while also safeguarding users by providing warnings and limitations on the potential risks associated with investing in new tokens.
As per the announcement made on April 17th, Binance intends to relocate the listed tokens, Shiba Inu (SHIB), Trust Wallet Token (TWT), 1INCH, and Frax Share (FXS), out of the Innovation Zone. This move would enable users to access these tokens without any restrictions from Tuesday, April 18th, onwards.
Binance conducts regular evaluations of the projects listed in the Innovation Zone, and once these projects demonstrate their value and fulfill a stringent set of criteria, the exchange transfers their tokens from the Innovation Zone. This ensures that only the most promising and reliable projects remain on the platform.
Binance takes into account multiple factors when conducting regular reviews of projects, such as the team’s dedication, the extent and caliber of development work, trading activity and market liquidity, network stability and security, as well as the size and effectiveness of the project’s community and communication.
Moreover, Binance checks the project’s responsiveness to periodic due diligence requests, contributions to the crypto community, and evidence of unethical practices and negligence by projects.
Binance Announcement & Tokens Development Impact On Prices
Shiba Inu witnessed a huge trading volume, development activity, and community participation after last month’s Shibarium Beta “Puppynet” release. The number of wallets holding SHIB and projects collaborating with Shibarium is continuously rising.
Traders didn’t immediately respond to the recent announcement by Binance. According to data from CoinMarketcap, Shiba Inu’s price is currently trading at $0.00001156, up 1% in the last 24 hours.
1Inch has also grabbed community attention amid rising development activity, liquidity providing, introduction to 1inch stablecoin ($1IS), and launch of the 1inch Wallet. However, 1INCH’s price is down almost 2% to $0.5699.
Trust Wallet Token and Frax Shares have also recorded massive community attention amid heightened regulatory scrutiny and the Ethereum Shanghai upgrade. At the time of writing, Frax Shares’ (FXS) price is down 3% to $10.06 in the last 24 hours.
The projects have recently gained the community’s trust. As per the data, Trust Wallet Token (TWT) is currently trading at $1.29 up 4% in the last 24 hours.
In conclusion, Binance’s decision to move out SHIB, 1INCH, TWT, and FXS from the Innovation Zone could have an impact on the prices of these tokens in the near future. Investors and traders in these tokens should closely monitor their price movements and market developments.