Binance.US has just scrapped a coin designed to be mathematically pegged to Shiba Inu, deciding instead to roll out full support for the native crypto asset SHIB.
The US-based crypto exchange initially supported Kilo Shiba Inu (KSHIB), which is equivalent to 1,000 Shiba Inu (SHIB) tokens and was designed to facilitate the purchase of SHIB with the US dollar.
Fast forward to today, when Binance.US officially launched support for SHIB/USD and ended its support for KSHIB/USD.
Trading is now available for $SHIB / $REAIS R about #BinanceUS!
@Shibtoken‘s are the medium of exchange within the #shiba Inu ecosystem, which includes ShibaSwap, a #DeFi platform, which features liquidity pools, token swaps, #NFT‘s, DAO voting rights, and more.
— Binance.US ?? (@BinanceUS) February 24, 2023
Clients who have invested in KSHIB will see their holdings converted automatically.
“KSHIB/USD trading pairs (are) deleted and all pending KSHIB spot trading orders will be cancelled…
All customers who currently own KSHIB will receive SHIB distributions converted at the ratio of 1 KSHIB = 1,000 SHIB.”
Shiba Inu has witnessed an explosive start in 2023 as the crypto project prepares to launch its own custom layer 2 blockchain on the Ethereum network called Shibarium.
SHIB started the year at $0.00000814 and has risen to $0.00001253 at press time, representing a 54% increase.
This month, investors created a petition to add Bone ShibaSwap (BONE) to Binance’s global network of crypto exchanges. The petition gathered more than 2,000 signatures at the time of publication.
BONE will be a core part of Shibartium and will be used to pay gas fees on all transactions.
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Featured Image: Shutterstock/Viacheslav Kuzmych/INelson