In the latest crypto news, there has been some confusion about trading platform Binance delisting the popular Shiba Inu crypto. Many traders even jumped to conclusions, assuming that the delisting was a sign of bigger market problems.
However, there need not be any panic. It turns out that the platform isn’t delisting the crypto at all, but rather delisting a trading pair that includes the crypto. Shiba Inu is here to stay, with there being no plans at all to remove the coin from any exchanges. In fact, the crypto is doing rather well, currently listed as amongst the fastest growing in the world. There are also many guides online covering all topics on how to invest in cryptocurrency.
But if the crypto is doing well, why did Binance feel the need to delist a trading pair? No official explanation has been given, but it should be noted that it wasn’t just this pair that was delisted. A number of others were also pulled, including some that involved the second biggest crypto in the world; Ethereum.
Chances are that the pairs were delisted simply because they weren’t particularly popular. Either way, delisting isn’t anything to be concerned about. It seems to simply be a case of the platform cleaning up, keeping the listed trading pairs neat, and avoiding clutter.
As far as the crypto itself is concerned, it is doing exceptionally well. Shiba Inu currently enjoys amongst the highest trade volumes in the world when paired with USDT. It is also recognised as the third biggest coin in the world, behind only Bitcoin and Ethereum. Many are even now calling Shiba Inu the Dogecoin Killer, given that it is rapidly outperforming the closes competitor.
Needless to say, many are surprised to see Dogecoin being so soundly outperformed. Dogecoin is, after all, backed by enigmatic billionaire Elon Musk. Musk hasn’t made any mention about Dogecoin performance lately, but chances are he is aware of the situation.
After the rumoured Shina Inu delisting some were also concerned that it might be the platform itself that is in trouble. This concern isn’t surprising, especially given the chaotic collapse of FTX. But, rest assured, Binance has not in any way implied that it is in trouble. In fact the platform’s CEO, Changpeng Zhao, even officially declared that there is soon to be a hiring spree. He explained that the company’s workforce will be increasing by between 15% and 30%. Hence it certainly seems like there are no signs of looming bankruptcy.
As far as the FTX link is concerned, many are now aware that Binance had the option to purchase its competitor in order to save it from bankruptcy. In the end Binance refused the deal, largely due to the rumoured legal troubles surrounding FTX. Binance did, however, go on to purchase another platform, Voyageur.
With all of that being said, 2023 is looking to be a promising year for the crypto-sphere. Inflation finally seems to be easing worldwide, and crypto markets are already responding positively.