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Binance CEO “CZ” Praises Shiba Inu.
In a random Ask Me Anything (AMA) session today, Binance founder Changpeng Zhao “CZ” expressed his approval for Shiba Inu over PEPE, despite the latter gaining immense popularity after soaring over 38,000% since its launch less than a month ago.
If you missed our Twitter Space with @cz_binance, you can listen to the full recording here ⤵️https://t.co/g2k44NLTeU
— Binance (@binance) May 1, 2023
Binance hosted AMA on Twitter spaces where CZ answered questions about the exchange’s plans and his vision for crypto regulation, particularly in the USA. However, as expected, one of the attendees “YourPOP” asked when Binance is going to list PEPE.
CZ replied that he couldn’t comment on any listing or project.
“We actually have strict policies that even if we are talking with a project team, we forbid them disclosing anything about listings, etc,” Zhao stated, reiterating the company’s commitment to preventing insider trading.
Zhao explained that Binance is cautious about listing coins with a small circulating supply but with a high Total supply, as they tend to have a higher risk of dropping in price. “We try to avoid those types of situations,” he said.
“We don’t like coins that have a very small circulating supply… but they have a large total supply in reserve. With a tiny bit of circulating supply, some of the coins are famous and people want them as price is going really high. But then as more supply comes into circulation the price may drop, well most likely will drop or at least have a higher risk of dropping. We try to avoid it.”
CZ Praises Shiba Inu
Meanwhile, despite these concerns, Zhao mentioned went on that there were quite a lot of meme coins that Binance had listed, including Shiba Inu.
“...We listed Shiba Inu and it’s actually one of the more higher trading volume coins on Binance and globally.” He said, adding, “We’re not against any coin. Um, so our team will evaluate it, and we’ll see what happens.”
That said, CZ’s decision to praise Shiba Inu over PEPE is notable. While both coins have seen immense success in the market, it is clear that Binance has taken a more cautious approach towards PEPE due to its lack of transparency and its high-risk nature. Shiba Inu, on the other hand, has demonstrated strong community backing and clear use cases, making it a more attractive investment option.
In Conclusion, apart from being used for payments, Shiba Inu also known as the “Dogecoin Killer,” is set to experience a surge in popularity with the introduction of the Shibarium Layer 2 solution. This innovative solution is designed to transform Shiba Inu into a fully-fledged ecosystem.