Will Shiba Inu Price Surge Over This Binance Update?

The influence of Shiba Inu is growing every day. As a part of its recognition as one of the most versatile digital currencies, Binance.US decided to launch full support for the native crypto asset SHIB. The US-based crypto exchange has now officially launched support for SHIB/USD and ended its support of Kilo Shiba Inu (KSHIB), which is equivalent to 1,000 Shiba Inu (SHIB) tokens.

Shiba Inu (SHIB) Scores Complete Partnership

The meme cryptocurrency has witnessed an explosive start to 2023, all thanks to the upcoming launch of layer-2 blockchain on the Ethereum network called Shibarium.

Binance.US revealed the partnership first on its Twitter handle noting that “Trading is now available for SHIB/USD on Binance.US. Shiba Inu’s are the medium of exchange within the ecosystem, which includes ShibaSwap, a DeFi platform, that features liquidity pools, token swaps, NFTs, voting rights within the DAO, and more.”

Whales are Holding SHIB

Shiba Inu is back among the most-held crypto under the top Ethereum whales ahead of the much-anticipated layer-2 launch. According to the Whalestats, SHIB ranks first among the other holdings by the top 100 ETH whales. The average amount of SHIB held is $645,304,846, at the time of writing. As per the ranking, the meme coin sits as the fourth biggest cryptocurrency by dollar value among the top 100 ETH whales.

Massive Price Drop

SHIB started the year at $0.00000814 and climbed to $0.00001262 at the time of publishing. Representing a more than 50% increase. Shiba Inu’s price dropped nearly 4% after the US CPI data release, with a 24-hour trading volume of $264,729,376. Meanwhile, Shibarium’s gas token BONE is trading at $1.85, with a one-day trading volume of $17,015,110 (down 25%).

Also Read: Is Cardano Founder Charles Hoskinson Really Buying Warner Bros Discovery’s CNN?

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.