The biggest crypto trade by market share, Binance is trying to take advantage of the meme coin frenzy because it not too long ago introduced a promotion on its platform for crypto tokens like Shiba Inu (SHIB), Dogecoin (DOGE), and Dogwifhat (WIF).
Binance Pronounces Curiosity Charge Waiver For Meme Cash
The crypto trade introduced in a launch that every one customers who borrow DOGE, SHIB, WIF, PEPE, FLOKI, BONK, and MEME (on Binance Margin) will obtain a one-hour curiosity price waiver. This promotion is about to final from March 12 to March 26. Curiously, these tokens are the seven largest meme cash by market cap.
Elaborating on how the promotion will work, Binance famous that curiosity normally accrues in the beginning of each hour. Due to this fact, merchants received’t charged any curiosity if they will full reimbursement throughout the first hour of borrowing.
This introduction of this new promotion is believed to be one of many crypto trade’s methods of benefiting from the heightened curiosity in meme cash currently. Up to now, this class of crypto tokens has been one of many main narratives on this bull cycle, and Binance will likely be hoping that this may additional entice customers to commerce these meme cash on its platform.
The crypto trade had additionally not too long ago listed WIF for spot buying and selling and listed MYRO, one other Solana-based meme coin, for futures buying and selling. In the meantime, it added a PEPE/USDC pair to associate with the already-existing PEPE/USDT pair. This additionally types a part of the initiatives to additional lure meme coin merchants to its platform.
Moreover meme cash, Recreation-Fi seems to be one other main narrative heading into this bull cycle and that is one thing that Binance additionally acknowledges. The crypto trade additionally introduced that the curiosity price waiver will apply to PORTAL, GALA, BNX, YGG, and PIXEL that are all gaming tokens.
Crypto Exchanges Seeing Elevated Demand For Shiba Inu
NewsBTC not too long ago reported that crypto buying and selling platforms Robinhood and Crypto.com had gathered 332 billion and a couple of trillion SHIB tokens, respectively. This underscores the elevated curiosity in SHIB from merchants currently as these crypto exchanges have needed to shore up their holdings to satisfy the demand.
The demand for SHIB, specifically, has been very evident, with NewsBTC reporting that SHIB had seen a 20 instances enhance in March from its February common of every day new addresses. The curiosity within the meme coin additionally seems to have prolonged to its broader ecosystem, with layer-2 community Shibarium’s Whole Worth Locked (TVL) hitting a brand new all-time excessive (ATH).
On the time of writing, SHIB was buying and selling at round $0.00003318, which has been up within the final 24 hours, based on knowledge from CoinMarketCap.
SHIB worth trending at $0.00003242 | Supply: SHIBUSDT on Tradingview.com
Featured picture from CoinMarketCap, chart from Tradingview.com
