Shiba Inu, Binance innovation zone, and SHIB price action: Exploring the connection
– SHIB finally makes it out of Binance’s innovation zone.
– SHIB saw a surge in daily active addresses, but whales remained dormant.
If you haven’t noticed, altcoin season is trending, which means investors will be on the lookout for promising altcoins. Shiba Inu [SHIB] might just be among the coins to consider, particularly for one Binance [BNB]-related reason.
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Ever since Binance listed SHIB on its exchange, the memecoin token traded under a special trading zone. Better known as the Binance innovation zone. But what exactly is this zone? It is a segment on the exchange that is designated for new and innovative crypto projects before they are fully vetted. Think of it as a probation period. Projects graduate from the Binance innovation zone once they meet all the listing standards.
According to a recent Binance announcement, Shiba Inu is finally moving out of the innovation zone along with a few other cryptocurrencies. Those tokens and cryptocurrencies have now proved their worth by meeting the high standards set by the exchange.
Why the transition is important for SHIB
SHIB’s transition from the Binance innovation zone is good news for traders using the exchange. A potential outcome of this announcement is that it might boost investor confidence. The timing is particularly important as it aligns with the expectation that the market is entering altcoin season.
The announcement may have already triggered a positive response in the market. SHIB’s daily active addresses soared to a new weekly high in the last 24 hours. This suggests that some investors have reacted positively, but the network growth has fallen to a new weekly low. Not what one would expect when excitement is returning to the market.
Source: Santiment
A quick glance at SHIB exchange flows reveals a noteworthy number of flows. However, both inflows and outflows demonstrate relatively normal activity, especially in the last two days. In other words, the exchange flows do not indicate a sudden shift to indicate an investor bias.
Source: Santiment
Over on the whale side of things, the supply distribution reveals a steady outcome among whales. The largest whale category (addresses holding over 1 billion SHIB) remained unchanged in the last seven days. Slight outflows were observed in addresses holding between 1 million and 100 million SHIB.
Source: Santiment
How many are 1,10,100 SHIBs worth today
As far as SHIB’s price action is concerned, it maintained a steady upside in the last five days. However, the bulls are running out of momentum. It is now struggling to overcome resistance at $0.000011.
Source: Tradingview.
In summary, SHIB’s latest development on Binance is encouraging to stakeholders. It remains to be seen whether the move will boost confidence as altcoin season rolls in.
OhNoCrypto
via https://www.ohnocrypto.com
Michael Nderitu, Khareem Sudlow