Binance.US has launched the trading of Shiba Inu (SHIB), the famous meme coin token on its platform. In what looks like a replacement, the exchange delisted a related token, Kilo Shiba Inu (KSHIB), designed to make it easier to buy SHIB using the U.S. dollar. KSHIB is equivalent to 1,000 SHIB.
Announcing the launch on Twitter, Binance.US stated that Shibtokens is the medium of exchange within the Shiba Inu ecosystem, which includes ShibaSwap, the DeFi platform that features liquidity pools, token swaps, NFTs, voting rights within the DAO, and more.
By substituting KSHIB with the universal SHIB on its platform, Binance.US offered users alternative measures to secure their investments in KSHIB. According to the exchange, it will automatically convert all KSHIB investments held by customers. Binance.US will delist the KSHIB/USD trading pair and cancel all pending KSHIB spot trade orders.
Binance.US also indicated that all customers holding KSHIB will receive SHIB token distributions at the rate of 1KSHIB to 1,000SHIB.
This latest development raised the entropy among the Shiba Inu community, with users expressing excitement. Data released by WhaleStats show that Shiba Inu now tops the leaderboard in the top 100 ETH whales. It reflects that ETH whales hold as much as $645,304,846 in SHIB.
This development is another positive for Shiba Inu, which has started the year in an impressive mood. The meme token has registered a 54% climb from the start of the year, rallying from $0.00000814 to $0.00001253. Analysts believe the proposed launch of a native network, Shibarium by SHIB developers, has played a role in the token’s growth this year.
There is an existing petition by SHIB investors asking Binance to add Bone ShibaSwap (BONE) to the Binance network of exchanges. BONE is the designated token that will be used to pay for gas fees on Shibarium.
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Source: Cryptocurrency - investing.com
