Yesterday, Shiba Inu, the cryptocurrency based on the dog of the same name that tries to compete with Dogecoin, was listed on the Binance platform. Which led to an increase in speculation within the crypto community, in the face of what appeared to be an endorsement by the exchange of the virtual currency. However, Changpeng Zhao soon clarified in the Tweet of the day why Binance does not support Shiba Inu:
Binance doesn’t believe in Shiba Inu
When you have a technology like Blockchain, transparent and open to everyone, it is normal that more serious projects arise than others. Thus, within the crypto world, cryptocurrencies with an important trajectory such as Bitcoin, Ethereum or Binance Coin coexist with other less serious virtual currencies such as Dogecoin and Shiba Inu.
This, of course, does not prevent users in the crypto community from being drawn to these prank virtual currencies. In fact, for the past few months, Dogecoin has been consistently making headlines in the crypto world due to the impressive increase in its demand, and of course its price. A process that Shiba Inu has also undergone, even despite not having a technological project behind it that supports its value.
However, at the end of the day, it is user demand that commands the crypto market. And this is especially true for companies like Binance, the leading cryptocurrency exchange. Which has found itself in the position of having to list Shiba Inu on its platform, even despite not supporting the project.
«Some have raised concerns about the inclusion of $ SHIB. We follow users. There are a large number of users who demand it, to the point that today we have run out of ETH deposit addresses for SHIB. It has never happened before for any other ERC20 coin. We do not endorse it. Super high risk».
In this way, Changpeng Zhao makes it clear why Binance does not support Shiba Inu, a virtual currency that continues to be an essentially speculative product. Despite which, and to respond to the requests of their users, they have had to allow transactions with virtual currency within their exchange platform.