Binance, one of the world's largest and most popular cryptocurrency exchanges, recently announced that it will delist the Shiba Inu (SHIB) pair on the 6th of January.
The decision has caused a stir in the cryptocurrency community, with many speculating about the reasons behind the delisting and what it could mean for the future of SHIB.
The pairs include SHIB/GBP, ALPHA/BNB, ASTR/ETH, CELR/ETH, and DAR/ETH. These changes are planned to take effect on Jan. 6 at 3:00 a.m. UTC for some pairs, and Jan. 6 at 7:00 a.m. UTC for others.
Source
To understand the delisting of SHIB from Binance, it's important to first understand what SHIB is and how it has gained popularity. The Shiba Inu coin often referred to as the "Dogecoin killer," is a cryptocurrency that was created in august 2020 as a parody of the popular cryptocurrency Dogecoin, which itself was originally created as a parody of Bitcoin.
SHIB has no real utility and was created primarily as a joke, but it has gained a significant following on social media and has even been listed on major cryptocurrency exchanges.
However, the coin has also been controversial, with some critics accusing it of being a pump-and-dump scheme and warning that it could be a risky investment. Binance's decision to delist the SHIB pair may be seen as a sign that the exchange is trying to distance itself from these controversies and protect its users from potential losses.
Binance did not provide a specific reason for delisting the SHIB pair, but it is likely that the coin's volatile price and low liquidity played a role. The SHIB market has been highly volatile, with the coin's price fluctuating wildly in recent months.
This high level of volatility can also make it difficult for Binance to provide a fair and orderly market for SHIB. This can be a risk for traders, who may find it difficult to buy or sell SHIB at a fair price.
Low liquidity can also be a problem, as it can make it difficult for traders to find buyers or sellers for their SHIB. This can lead to delays in executing trades and may result in traders paying higher fees. Binance may have decided to delist the pairs due to these issues, in order to protect its users and maintain the integrity of its platform.
The recent development is likely to have a significant impact on the coin's price and liquidity. Many traders and investors use Binance as their primary exchange, and the loss of this platform could make it more difficult for them to buy or sell SHIB.
This could lead to a decline in the coin's price, as there may be fewer buyers willing to pay a premium for it.
Despite these potential negative consequences, some SHIB holders are remaining optimistic and believe that the pair will recover from the delisting.
They point to the coin's strong community of supporters and the fact that it has strong brand recognition due to its connection to the popular Shiba Inu dog meme. The good news is that the many people who use the token will still have access to them but through other trading options on the platform.
This announcement serves as a warning to those users who may use strategy sandboxes or automated trading strategies since they must update or cancel them before the service is terminated in order to avoid any potential losses.
Source.
Overall, this is a significant development that could have significant consequences for the coin and its holders. It remains to be seen how the market will respond to this news and whether the delisting is permanent.
In the meantime, it is important for investors to carefully consider the risks and potential rewards of holding SHIB and to make informed decisions about their investments.
The good news is that the many people who use the token will still have access to them but through other trading options on the platform.
This announcement serves as a warning to those users who may use strategy sandboxes or automated trading strategies since they must update or cancel them before the service is terminated in order to avoid any potential losses.
Source
As always, the intention is to provide the users of the platform with impeccable services and a better experience.
PLEASE FOLLOW ME ON:
Discord: omosefe#5960
Twitter: @hive_omosefe