Binance ran out of ETH deposit addresses due to demand for SHIB
According to the head of Binance, the trading platform ran out of ETH addresses due to the influx of those wishing to deposit SHIB.
A new “dog token” Shiba Inu (SHIB) appeared in the listing of the cryptocurrency exchange Binance today, and users were able to make deposits in this coin. However, the unprecedented popularity of the new token has created problems for the trading platform.
Changpeng Zhao, founder and CEO of cryptocurrency exchange Binance, said that the platform ran out of ETH addresses due to the huge number of people willing to contribute Shiba Inu (SHIB). According to him, this is a historical event for the exchange. Nothing like this has ever happened before with any ERC-20 format token.
Shiba Inu fever has brought a prize that no other token has ever achieved
In other words, this means that the high demand from new users who want to deposit SHIB into their Binance account has resulted in the exchange no longer having wallet addresses to provide. According to CZ, this has never happened with any other listed token.
“I don’t advise it. The risk is too high,” the head of Binance added.
The Shiba Inu (SHIB) token settled in 22nd place in the $10 billion cryptocurrency ranking. The coin gained more than 80% in 24 hours and 1,400% in a week. According to data of CoinMarketSar the historical maximum was reached at the level of $0.000036, however on Binance the rate of SHIB was reaching $0.00005. At the moment of writing this article SHIB is trading at $0.000026.
As recently as this morning, Shiba Inu was ranked #33 by CoinMarketCap. However, news that major exchanges including Huobi, KuCoin and Binance have added it to their listings has boosted the coin, which is positioning itself as a “Dogecoin killer.”
The vogue for SHIB tokens
The no-nonsense popularity of the Dogecoin cryptocurrency meme (DOGE) has spawned many imitators. Numerous tokens with dog names have appeared on the market, including Husky, Akita Inu, Kishu Inu and Doge Killer. These coins increased in price from 60% to 250% overnight.