Shiba Inu Overthrows Binance USD, SHIB Leaves Innovation Zone

Shiba Inu’s market capitalization is now worth more than BUSD, the world’s top crypto platform’s stablecoin.

A man with a shiba Inu face and a wolf tattoo wearing blue hoodie is lifting weights.
  • Shiba Inu reclaimed its #14 position by market cap.
  • Paxos-issued Binance stablecoin BUSD continues reduction. 
  • Binance acclaimed Shiba Inu as a high-level standard coin.

The popular Japanese guard dog-themed memecoin Shiba Inu (SHIB) is climbing up the charts once again, as SHIB flipped the stablecoin Binance USD (BUSD). The leading crypto exchange’s stablecoin dropped to #16 by global market capitalization with a $6,67bn market cap.

Also giving way to Avalanche (AVAX), BUSD has gradually decreased its market share since the U.S. Securities and Exchange Commission (SEC) labeled Binance’s stablecoin an unregistered security and imposed a ban for the issuer Paxos to mint more BUSD.

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Shiba Inu is changing hands at $0.00001159, according to CoinGecko. Hitting an upper resistance line at $0.0000115, SHIB recorded solid gains of 5.6% in the last seven days. Even so, the monthly charts suggest a 3.4% increase, which is very slim compared to the rival canine coins, especially after DOGE skyrocketed 25% after Musk’s Twitter stunt.

Shiba Inu Growth Acknowledged by Binance

On the same note, Binance released an announcement declaring the removal of Shiba Inu, 1 inch (1INCH), Frax Share (FXS), and Trust Wallet Token (TWT) from the Innovation Zone. Ultimately, this means that these blockchain projects cleared the first hurdle in the ecosystem and meet “the high level of standard that we expect,” – the official announcement reads.

Indeed, the Shiba Inu Ecosystem has a lot going on. Shibarium, the Layer-2 scaling solution is testing ‘puppynet,’ a testnet that keeps track of average block time and uses $tBONE to conduct transactions. Recording three million wallets in three weeks, Shibarium’s mainnet is likely to be a success, but on exact launch date has been given by the developers yet.

On the Flipside

  • Shiba Inu (SHIB) benefited the least from the DOGE Twitter logo bull run, which saw Dogecoin (DOGE), Floki (FLOKI), Baby Doge Coin (BABYDOGE), and Bonk (BONK) gaining double-digits.

Why You Should Care

The two-year old memecoin Shiba Inu is transitioning into a mature project and is aiming to climb the TOP 10 by global market capitalization.

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FAQs

Is Shiba Inu Available on Binance?

Yes, Shiba Inu is available on Binance. Users can buy it with a debit or credit card or use the peer-to-peer service.

Why can’t I buy Shiba Inu on Binance?

The availability of SHIB differs across locations, as debit cards issued by local banks tend to block transactions on Binance.

Is it safe to buy Shiba Inu?

Shiba Inu is confirmed as a safe investment by Binance, as the largest crypto exchange removed it from the Innovation Zone.

Can Shiba Ina reach $0.01 in 2023?

Shiba Inu is unlikely to reach $0.01 by the end of 2023, as the burning procedures would have to be done significantly quicker, and key technical upgrades are yet to launch.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.