The world’s largest cryptocurrency exchange, Binance, is carrying out another wave of cryptocurrency delistings, with a popular dog-themed meme coin, Shiba Inu (SHIB)among the list of victims. The listing will see several trading pairs, including Shiba Inu, effectively delisted from the exchange this month.
Binance removes SHIB/TUSD trading pair
In a blog post On June 26, Binance announced plans to delist several spot trading pairs, effective immediately from June 28, 2024. The crypto exchange revealed that it would delist SHIB/TUSD and end bot services spot trading for this pair.
Binance has advised users to update or cancel their spot trading bots for SHIB/TUSD before termination to avoid potential losses. The exchange revealed that its plans to delist SHIB/TUSD trading pairs will not affect the availability of the Shiba Inu Token on the Binance Spot Exchange.
Binance Binance also revealed that users will still be able to execute trades using regular tokens and continue trading based on spot trading pairs. Additionally, asset listings on other trading pairs available on Binance will also persist on the exchange.
Including SHIB/TUSD spot trading pairs, Binance revealed plans to delist several other cryptocurrency pairs including BLUR/FDUSD, LINK/TUSD, MEME/ETH, METIS/FDUSD, NFP/BNB, and OSMO/BTC. The exchange outlined several reasons why these spot trading pairs were delisted in its blog post.
According to the blog, SHIB/TUSD and other spot trading pairs will be delisted from Binance due to low liquidity and underperformance. trading volumeThe exchange said eliminating low-quality spot trading pairs was essential to protect users and maintain a high-quality trading market, thereby ensuring the sustainability and stability of the platform.
Binance executes often periodic radiation process after performing a thorough review of all spot trading pairs listed on its platform. Last year, the exchange delisted the SHIB/BUSD margin pair for cease full support of BUSD stablecoin.
Data Binance also revealed that the SHIB/TUSD spot trading pair is currently priced at $0.00001719, reflecting a 1.72% decline over the past 24 hours.
Shiba Inu price continues downward spiral
THE Shiba Inu price has dropped significantly, potentially signaling the end of the bullish rally of the same cornerData from CoinMarketCap revealed that Shiba Inu has fallen by around 33.06% over the past month.
The popular dog-themed cryptocurrency is still witness more declinesrecording a decline of 2.39% in the last 24 hours. This massive downtrend has also significantly affected investor sentiment and demand for the meme coin, as Shiba Inu recorded a 36.31% drop in its 24-hour trading volume. The cryptocurrency is currently trading at $0.000017, miles away from its all-time high of over $0.000044 earlier this year.
Featured image created with Dall.E, chart from Tradingview.com
