The world’s largest crypto exchange, Binance, has launched seven new crypto liquidity pools, including Bitcoin, Shiba Inu and Dogecoin, amid rising demand for these cryptocurrencies. The Binance Liquid Swap allows users to either swap between different tokens or provide liquidity to Binance’s pools to earn rewards.
Binance launches liquidity pools for Bitcoin, Shiba Inu and Dogecoin
Crypto exchange Binance’s liquid swap service announced on April 24 that it had added seven new liquidity pools. The popular liquidity pools are BTC/TUSD, SHIB/DOGE and TUSD/USDT. Others are BEL/USDT, ID/BTC, ID/USDT and SYN/USDT.
While the liquidity pools allow users to trade instantly and pool tokens to earn rewards, adding liquidity to a liquidity pool and becoming a liquidity provider is not risk-free. The market price of tokens can fluctuate wildly during volatile market conditions, causing staking earnings to remain lower or incur losses.
Binance recently tilted towards TrueUSD (TUSD) stablecoins after Paxos stopped issuing Binance USD (BUSD) stablecoins as a result of US regulators crackdown on crypto. In fact, the crypto exchange has eliminated fee-free trading for all crypto pairs except TUSD. This resulted in a massive drop in BTC trading volume across multiple pairs, and BTC/TUSD trading volume has increased marginally.
The SHIB/DOGE liquidity pool allows users to exchange tokens at the market price. Both meme coins have seen demand surge following the beta release of the Shibarium Layer-2 blockchain and Elon Musk’s reference to Dogecoin’s Twitter integration for payments.
Specifically, a transaction fee will be charged if only one crypto asset is added to the liquidity pool.
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Crypto prices remain under pressure
Crypto traders react immediately to Binance’s latest announcement. Top cryptocurrencies like Bitcoin, Dogecoin, and Shiba Inu saw minor price increases.
BTC price remains under pressure trading below $27,500 with a low of $27,169. The price is currently bouncing off the $27,000 level as some investors buy something during the dip.
SHIB price is currently trading at $0.0000103, down 11% in a week on selloffs and a low burn rate over the past few days. The community expects SHIB price to end the year at $0.01.
Meanwhile, the DOGE price also remains under pressure. The price is currently trading at $0.0791, down 2% in the last 24 hours and down 17% in a week. However, some believe this could be the last time a correction will be seen before crypto prices rally.
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Varinder is a technical writer and editor, technology enthusiast, and analytical thinker. Fascinated by disruptive technologies, he has shared his knowledge of blockchain, cryptocurrencies, artificial intelligence and the Internet of Things. He has long been associated with the blockchain and cryptocurrency industry and is currently reporting on the latest updates and developments in the crypto industry.
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