- A few days back, Binance scratched 7 trading pairs from their crypto platform.
- Shiba Inu’s Lucie sets the record straight on Binance allegedly delisting SHIB.
- Later this year, Shiba Inu plans to debut an L3 chain after a $12M funding round.
Yesterday, Shiba Inu’s (SHIB) marketing lead, Lucie, took to X to clarify the recent misconception that SHIB is being delisted from Binance. This happened a day after Binance published its announcement about its intention to delist seven trading pairs.
SHIB’s Binance Delisting Rumors Debunked
Slated for June 28, 2024, the seven trading pairs poised for immediate delisting at 3 AM UTC did include SHIB, coupled with the True USD (TUSD) stablecoin. The list also included LINK/TUSD, MEME/ETH, BLUR/FDUSD, METIS/FDUSD, NFP/BNB, and OSMO/BTC.
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However, in Shiba Inu’s case, the delisting process of SHIB/TUSD is likely caused by legal scrutiny around the TUSD stablecoin. Binance’s action doesn’t affect any other SHIB pairs on the platform.
Currently, SHIB’s go-to trading pairs for Binance customers include SHIB/FDUSD, SHIB/EUR, and SHIB/DOGE, while the most popular choice remains SHIB/USDT. To compare, the SHIB/USDT trading pairs summed up to 2.15T SHIB in daily trading volume, while other pairs traded SHIB in the billions per 24-hour period.
With No Sell Pressure, Can SHIB Bounce Back?
The double-digit crypto drawdown in June 2024 hasn’t spared SHIB, as the popular canine crypto succumbed to a 35.9% deficit over the past 30 days.
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Meanwhile, some crypto traders are taking the current support bubble as an entry point, due to Shiba Inu’s price performance resembling its 2021 run. The support level encompasses the price range between $0.000017 and $0.000018, consisting of 420T SHIB split between 16.11K crypto addresses.
However, the memecoin’s future heavily depends on developments in Shibarium Layer-2, SHIB’s own public blockchain. Besides expanding the L2 network, SHIB is planning to launch a Layer-3 blockchain later this year. In a funding round last April, SHIB’s executive team raised $12 million for its Fully Homomorphic Encryption (FHE) based Layer-3 chain.
On the Flipside
- According to IntoTheBlock, as SHIB enters consolidation, three neutral on-chain signals are flashing.
- With large transaction, concentration, and network growth pointing to neutral, 52% of SHIB custodians are making a profit.
Why This Matters
Meme coins led the crypto market race in March 2024, producing a cycle peak of $56B.
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