Binance bullish in 2023 seems to have Shiba Inu (SHIB) and Terra classic (LUNC) on its list.
Binance, the largest cryptocurrency exchange by volume, is well known for its continued bullish attempts on the ecosystem and it has been instrumental in helping Terra Classic reduce its supply of LUNC through burns.
In other news, Snowfall Protocol (SNW), a relatively new player in the industry, has continued to outgrow established titans such as Terra Classic and Shiba Inu.
Binance Bets 4 Billion on Shiba Inu (SHIB) as Community Developers Announce New Shibarium Updates
According to a popular whale tracker on Twitter, Binance recently sent a whopping 4 trillion Shiba Inu worth about $35 million to an unknown wallet, for staking purposes. Binance’s action follows Shiba Inu developers’ announcement of new updates to the Shibarium layer 2 scaling protocol, which Shiba Inu will soon release.
Shiba Inu recently announced that Bone (BONE) will be the official crypto used in Shibarium, with each transaction burning SHIB tokens. Binance staking on Shiba Inu is positive for the ecosystem, because it reduces the circulating supply of the token, thus increasing the value of Shiba Inu.
Binance Announces Support for Terra Classic Update
Binance has also pledged to support the Terra Classic upgrade, which will end reissues and increase the gas fee at the end of the epoch. The updates refer to proposals 11242 and 11243.
In proposal 11242, it was proposed that the network get rid of the seigniorage burn tax parameter, which returns a portion of each LUNC burn to the community fund for development financing. Proposition 11243, on the other hand, proposed that the network increase gas rates by 500% to fund the community pool, as well as to increase participation rewards, and received nearly 90% approval.
Proposal 11242 is particularly critical for Terra Classic’s relationship with Binance. The cryptocurrency exchange recently decided to stop burning LUNC because it did not agree with token reissues.
However, with the passage of Proposition 11242, Binance should be able to resume the LUNC burning campaign starting March 1. Following Binance’s announcement, the price of Terra Classic experienced a sudden increase of more than 6%.
Snowfall Token Hype Continues in the Crypto Community, While New Player Continues to Outshine Mainstream Crypto
Snowfall Protocol (SNW) will launch on February 3 with three main features: a dApp, a wallet, and an engagement feature. SNW users can use these features to trade stablecoins, pool assets, stake assets, wrap NFTs for cross-chain trades, and move assets to any Blockchain, all in one place.
In 2023 alone, the value of the Snowfall Protocol has increased by more than 500%. Investors expect up to 5,000% returns at launch.
By Audy Castaneda