Binance Will Delete Shiba Inu – What Does This Mean for You?

If you have read the latest news about what happened to Binance, the largest crypto exchange in the world, that Binance is going to delist Shiba Inu (SHIB), then you may well ask, what do we do next?

Yes, Binance said it will erase the Shiba Inu token and many people are still unclear, fearful and intrigued. If you own SHIB or just a crypto enthusiast, this is something you must learn and wrapped SHIB is one of them. That means we need to take everything apart and explain it in a way anyone would be able to comprehend, starting with the first ever Cryptocurrency.

What Does It Mean When Binance Deletes a Coin?

When Binance claims to be delisting a coin, it means that the coin is being expelled from the party. BTC, ETH, LTC & Binance Coins are very much simple to trade, to buy and to sell on binance.com. But if Binance will ultimately delete Shiba Inu, then you will not be able to trade SHIB on that particular platform ever again.

This does not mean that there will be no Shiba Inu at all in the evidence set. The coin will still be there and you can take it to other such markets. However, given the fact that Binance is such a large exchange, having a listing or being delisted is often a big deal for a particular coin’s traffic and price.

Why Is Binance Removing Shiba Inu?

There’s no official reason yet, but exchanges like Binance remove coins for different reasons. Here are some possible ones:

1. Low Trading Volume: If not enough people are buying or selling the coin, Binance might decide it’s not worth keeping.
2. Lack of Development: Sometimes, coins stop being updated or improved, which makes them less valuable.
3. Regulatory Issues: If a coin has legal problems, exchanges might remove it to avoid trouble.

So, if you’re wondering why Binance will delete Shiba Inu, it could be one or all of these reasons.

How Does This Affect Shiba Inu Holders?

If you own Shiba Inu, you might be asking, What happens to my coins? Here’s what you need to know:

1. You Still Own Your SHIB: Even if Binance will delete Shiba Inu, your coins don’t just vanish. You can still move them to another wallet or exchange.
2. Trading Will Be Harder: Without Binance, buying or selling SHIB might take more effort. You’ll need to find other exchanges that support it.
3. The Price Might Drop: When a coin is removed from a big exchange, it can scare investors. This often causes the coin’s value to go down, at least temporarily.

What Should You Do If You Own Shiba Inu?

If you’re holding SHIB, don’t panic. Here are some steps to take:

1. Check Your Binance Wallet: Make sure you know how much SHIB you have and when the removal will happen. Binance usually gives a deadline for withdrawals.
2. Transfer Your SHIB: If Binance will delete Shiba Inu, move your coins to another exchange or wallet that still supports SHIB.
3. Stay Informed: Keep an eye on updates from Binance and the Shiba Inu team to know what’s happening next.

Where Can You Trade Shiba Inu After Binance?

Even if Binance will delete Shiba Inu, there are other platforms where you can trade it. Some popular alternatives include:

• Coinbase
• KuCoin
• Crypto.com
• OKX

Make sure to compare fees, security, and ease of use before choosing a new exchange.

Will This Be the End of Shiba Inu?

So, this isn’t the final of Shiba Inu. It still has value and isn’t worthless even though Binance decided to delist it. There are many great coins in this world whose value is not linked with Binance. This is the case with Shiba Inu; the community is up and running, and the team behind it may bring in features or partners that increase its utility.

If Binance will delete Shiba Inu, the coin’s journey will definitely have a new direction and it is not yet over.

Why Do Some Coins Get Deleted and Others Don’t?

Binance looks at a lot of things before deciding to remove a coin. These include:

• Activity from Developers: If the team behind a coin isn’t working on it anymore, Binance might see it as a dead project.
• Security Issues: If the coin is hacked or has other problems, it could be removed for safety reasons.
• Community Interest: Coins with fewer fans or less trading activity are less likely to stay on the platform.

So, if Binance will delete Shiba Inu, it’s likely because the coin doesn’t meet one or more of these standards anymore.

What Can Shiba Inu Holders Expect Next?

After the deletion, Shiba Inu holders might notice a few things:

1. Price Fluctuations: The price of SHIB could drop due to fear among investors. But some people might see this as a buying opportunity.
2. More Decentralized Trading: Without Binance, SHIB trading might move to smaller exchanges or decentralized platforms like Uniswap.
3. Potential Recovery: If the Shiba Inu team launches something exciting, like new features or collaborations, the coin could bounce back.

Conclusion: What Should You Do Now?

The news that Binance will delete Shiba Inu might feel overwhelming, but it’s not the end of the world. As a holder, staying calm and informed is the best thing you can do. Follow the steps to secure your coins, explore other exchanges, and keep an eye on updates from both Binance and Shiba Inu’s developers.

Remember, the crypto world is full of ups and downs. While this news might be a setback for SHIB, it’s also a chance for the community to prove its strength and adaptability. So, keep learning, stay positive, and make the best decisions for your crypto journey.