Binance Adds Bitcoin, Shiba Inu, Dogecoin to Liquid Swap
The world’s largest crypto exchange Binance has opened seven new liquidity pools for cryptos including Bitcoin, Shiba Inu and Dogecoin amid growing demand for these cryptocurrencies. The Binance Liquid Swap allows users to either trade between different tokens or provide liquidity to Binance’s pools to earn rewards.
Binance Launches Bitcoin, Shiba Inu, Dogecoin Liquidity Pools
Crypto exchange Binance’s Liquid Swap service announced on April 24 that it has added seven new liquidity pools. The popular liquidity pools are BTC/TUSD, SHIB/DOGE and TUSD/USDT. Others include BEL/USDT, ID/BTC, ID/USDT and SYN/USDT.
While the liquidity pools allow users to trade instantly and collect tokens to earn rewards, adding liquidity to a liquidity pool and becoming a liquidity provider is not risk-free. The market price of tokens may fluctuate greatly during volatile market conditions, causing stake earnings to remain lower or incur losses.
Binance has recently leaned towards the TrueUSD (TUSD) stablecoin after Paxos stopped issuing the Binance USD (BUSD) stablecoin as a result of the US regulatory crackdown on crypto. In fact, the crypto exchange removed zero-fee trading for all crypto pairs except TUSD. This caused a massive drop in BTC trading volumes across several pairs, and BTC/TUSD trading volumes have increased marginally.
SHIB/DOGE liquidity pool allows users to exchange tokens at market price. Both meme coins have witnessed growing demand following the Shibarium Layer-2 blockchain beta release and Elon Musk hinted at Dogecoin integration into Twitter for payments.
In particular, a transaction fee will be charged when you add just one crypto asset to the liquidity pool.
Also Read: World Economic Forum Recognizes Bitcoin Mining’s Economic and Environmental Benefits
Crypto prices remain under pressure
Crypto traders are reacting immediately to the latest announcement from Binance. Top cryptos including Bitcoin, Dogecoin and Shiba Inu witnessed a marginal increase in prices.
BTC price remains under pressure and is trading below $27,500, with a low of $27,169. The price is currently bouncing off the $27k level amid some buying by investors on dips.
SHIB price is currently trading at $0.0000103, down 11% in a week due to selling and low burn rate in the last few days. The community expects the SHIB price to end the year at $0.01.
Meanwhile, the DOGE price is still under pressure. The price is currently trading at $0.0791, down 2% in the last 24 hours and 17% in a week. However, some believe that this could be the last time a correction is witnessed before crypto prices rebound.
Also read: LUNA is not a security, S.Korean Court declares; Will the US SEC follow suit?
