TL;DR
- Binance added XUSD, introduced BMT/USDT and MUBARAK/USDT perpetual contracts, and announced the removal of several margin trading pairs.
- Large investors offloaded over $70M in ADA, increasing selling pressure, though a spot ADA ETF approval could reverse the trend.
- Shiba Inu’s former lead developer remains inactive on X, but insiders are reassured that they are focused on the new ambassadorial role.
Binance’s Latest Listings/Delistings
Recently, Binance has made significant changes to enhance its platform offerings. The exchange revealed the listing of StraitsX USD (XUSD) on March 19. Following this announcement, the stablecoin, which is pegged to the US dollar, experienced a notable surge before stabilizing at its expected value.
In addition to the listing, Binance has introduced BMT/USDT and MUBARAK/USDT perpetual contracts that allow traders to leverage up to 25x. Both contracts have shown impressive price increases due to their recent inclusion.
Despite these new additions, Binance has also announced a reduction in some of its existing margin trading pairs, set for removal on March 25. Pairs such as ALPHA/BTC, CTXC/BTC, and DODO/BTC will no longer be supported. Historically, major pullbacks have been observed following such delistings, as seen with tokens like UNFI and OOKI last year when they suffered double-digit losses post-announcement.
ADA Whales on a Selling Spree
Cardano’s ADA token has faced increased selling pressure recently, primarily driven by significant sell-offs from large investors, or whales. Reports indicate that over 100 million ADA tokens were offloaded last week. This trend raises concerns about potential price declines if demand does not keep pace with the increasing supply.
However, the landscape could shift dramatically with the potential approval of a spot ADA exchange-traded fund (ETF) in the United States, offering a glimmer of hope for price recovery.
How’s SHIB Doing?
The second-largest meme coin, Shiba Inu (SHIB), has been in the spotlight due to the inactivity of its former lead developer, Shytoshi Kusama, on social media. Despite concerns from the community, LUCIE, Shibarium’s marketing strategist, has assured investors that Kusama remains engaged in the project’s new ambassadorial role.
This news received a positive response, with many community members speculating that Kusama’s impending announcements could include significant partnerships that may impact SHIB’s future.
As the cryptocurrency landscape continues to evolve, keeping an eye on these developments will be crucial for investors and enthusiasts alike.
