Binance Listed SHIBA INU (SHIB) in Innovation Zone By CoinQuora

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Binance Listed SHIBA INU (SHIB) in Innovation Zone

SHIBA INU (SHIB) is now available on Binance.

The exchange shared the news on its official Twitter account and blog.

Binance, a cryptocurrency exchange has announced on its official Twitter account that it will be listed SHIBA INU (SHIB) under its Innovation Zone.

#Binance Will List @Shibtoken $SHIB in the Innovation Zonehttps://t.co/EXxM5rwFRK — Binance (@binance) May 10, 2021

In addition, the tweet redirects to a link to the exchange’s online blog post. As a result, traders and investors can learn more details about the new list addition.

Moreover, the crypto exchange Binance will open trading for SHIB/BUSD and SHIB/USDT trading pairs at 2021-05-10 11:00 AM (UTC). However, users can start depositing SHIB in preparation for trading.

Even more, SHIBA INU is an experiment to build a decentralized community. However, this is also another meme coin like Dogecoin. More so, SHIB is the native token of SHIBA INU. This is the first-ever token to be listed and utilized as an incentive for utilizing ShibaSwap which is a decentralized exchange.

More so, the blog post mentions that the token poses high risk than normal. Also, it will be subject to high price volatility after the listed on Binance. Users need to ensure that they exercise sufficient caution. Also need to do some research in regards to SHIB’s fundamentals. And understand the project fully before opting to trade the token.

Furthermore, the Innovation Zone is a trading zone where users are able to trade new, innovative tokens that have higher volatility and pose a higher risk than other tokens. Before being able to trade in the Innovation Zone, all users are required to visit the Innovation Zone trading page to read the Binance Terms of Use and fill a questionnaire as part of the initial disclaimer.

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Shiba Inu (SHIB) Price Predictions: Where Will SHIB Go After Binance Listing?

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Shiba Inu (SHIB) Price Predictions: Where Will SHIB Go After Binance Listing?

Binance lists ‘Dogecoin killer’ Shiba Inu (SHIB) and its perpetual futures

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Cryptocurrency exchange Binance quickly jumped on the sudden Shiba Inu (SHIB) bandwagon today, listing the much-hyped canine token in the “Innovation Zone” and adding the corresponding perpetual contracts to its futures platform.

According to the description, Binance’s Innovation Zone is a “dedicated trading zone where users are able to trade new, innovative tokens that are likely to have higher volatility and pose a higher risk.”

“SHIB is a relatively new token that poses a higher than normal risk, and as such will likely be subject to high price volatility after the Binance listing. Please ensure that you exercise sufficient risk management, have done your own research in regards to SHIB’s fundamentals, and fully understand the project before opting to trade the token,” Binance additionally warned all potential traders.

Growing army of crypto dogs

Shiba Inu—touted by its developers as a “Dogecoin killer and obviously designed to resemble its “ancestor” as much as possible—quickly rose to prominence over the past few days on the heels of DOGE’s ongoing price rally. Among other things, SHIB proponents are currently trying to push the token as “the next best thing” for people who missed the Dogecoin hype train.

Notably, the price of SHIB has surged from $0.00000006 in early April to a new all-time high of $0.00003671 today, according to CoinMarketCap—an eye-watering increase of more than 61,000% in just over 30 days.

After its listing on Binance, SHIB’s price has retraced to around $0.000029 at press time. However, the token is still up roughly 110% on the day and more than 1,600% over the past week. The latest mania has also pushed SHIB’s total market capitalization to over $12 billion, making it the 17th largest crypto.

Simultaneously, Binance also launched 1000SHIB, USDT-margined perpetual futures contracts with a leverage of up to 25X.

“1000SHIB perpetual contracts are USDT-margined futures contracts that use USDT as collateral. The notional value of the 1000SHIBUSDT contract is 1,000 SHIB each. The underlying index price of 1000SHIBUSDT is 1000 times that of the SHIB/USDT spot index,” the exchange explained.

Futures are a type of financial derivatives contracts that allow users to trade certain assets at a predetermined price on a specific date in the future. Basically, traders can bet on upcoming price movements by setting a “strike price” for an asset. If the actual market price is higher when a futures contract expires, then the seller gets a profit—and vice versa. In their turn, perpetual futures work mostly the same but have no expiry date, meaning that traders can hold their positions indefinitely.

Meanwhile, the trading craze surrounding SHIB continues to dumbfound even some of the crypto industry veterans.

“276 days ago someone put 10 ETH into SHIB and now it’s worth $460 million. How’s your life going?” ironically tweeted EthHub co-founded Anthony Sassano today. And as it turned out, this is far from the biggest profit made off SHIB so far.

You can trade SHIBA INU on Binance and Crypto.com (both referral links).

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