Last updated on May 18th, 2024 at 12:01 pm
Binance Liquid Swap Bitcoin, Dogecoin, Shiba Inu, and Stablecoins – In response to the rising demand for cryptocurrencies like Bitcoin, Shiba Inu, and Dogecoin, the largest cryptocurrency exchange in the world, Binance, has created seven new liquidity pools for these digital assets. Users can trade between different tokens or supply liquidity to Binance’s pools to earn incentives using the Liquid trade feature.
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Dogecoin, Shiba Inu, and Bitcoin Liquidity Pools Launched by Binance
On April 24, Binance’s Liquid Swap service revealed the addition of seven new liquidity pools. The three most often used liquidity pools are TUSD/USDT, SHIB/DOGE, and BTC/TUSD. BEL/USDT, ID/BTC, ID/USDT, and SYN/USDT are a few more.
Adding liquidity to a liquid pool and becoming a liquidity provider is not without risk, even though the liquidity pools enable users to trade instantaneously and pool tokens to gain rewards. During erratic market conditions, the market price of tokens may change significantly, resulting in decreased or negative staking income.
Since Paxos discontinued producing Binance USD (BUSD) stablecoin as a result of the government crackdown against cryptocurrencies in the United States, Binance has been leaning toward TrueUSD (TUSD) stablecoin. Actually, all crypto pairs other than TUSD no longer have zero-fee trading on the cryptocurrency exchange. As a result, trading activity in several pairs of BTC fell precipitously, while trading volume in BTC/TUSD slightly climbed.
Users can trade tokens at market value using the SHIB/DOGE liquidity pool. Following the introduction of the Shibarium Layer-2 blockchain beta and Elon Musk’s hints that Dogecoin would be integrated into Twitter for payments, both joke coins have seen an increase in demand.
Notably, there will be a transaction fee when only one cryptocurrency asset is added to the liquidity pool.
Prices of cryptocurrencies are still declining
Immediately after Binance’s most recent news, cryptocurrency traders react. Prices for popular cryptocurrencies including Bitcoin, Dogecoin, and Shiba Inu somewhat increased.
The price of BTC is still fluctuating and trading below $27,500, reaching a low of $27,169. The price is currently rebounding from the $27,000 mark as some investors buy on the decline.
Due to selloffs and a poor burn rate in recent days, the price of SHIB is currently $0.0000103, down 11% in a week. The general consensus is that SHIB’s price will be $0.01 by year’s end.
The price of DOGE is still fluctuating in the meantime. The price is currently $0.0791, down 2% from the previous day and 17% from the previous week. Some analysts, however, think that this may be the final correction we see before the price of cryptocurrencies starts to rise.
