The world’s largest crypto exchange Binance has opened seven new liquidity pools for crypto including Bitcoin, Shiba Inu, and Dogecoin amid increasing 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 Bitcoin, Shiba Inu, Dogecoin Liquidity Pools
Crypto exchange Binance’s Liquid Swap service on April 24 announced that it has added seven new liquidity pools. The popular liquidity pools are BTC/TUSD, SHIB/DOGE, and TUSD/USDT. Others include 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 into a liquid pool and becoming a liquidity provider is not risk-free. The market price of tokens can greatly fluctuate during volatile market conditions, causing the staking income to remain lower or incur losses.
Binance has recently inclined towards TrueUSD (TUSD) stablecoin after Paxos stopped issuing Binance USD (BUSD) stablecoin as a result of the U.S. regulatory crackdown against crypto. In fact, the crypto exchange removed zero-fee trading for all crypto pairs except TUSD. This caused a massive decline in BTC trading volumes across several pairs and BTC/TUSD trading volume has increased marginally.
SHIB/DOGE liquidity pool allows users to swap tokens at market price. Both meme coins have witnessed increasing demand after the Shibarium Layer-2 blockchain beta release and Elon Musk hinting at Dogecoin integration into Twitter for payments.
Notably, a transaction fee will be charged when adding only one crypto asset to the liquidity pool.
Crypto Prices Remain Under Pressure
Crypto traders immediately respond to the latest announcement by Binance. Top crypto including Bitcoin, Dogecoin, and Shiba Inu witnessed a marginal increase in prices.
BTC price remains under pressure and trading below $27,500, with a low of $27,169. The price is currently bouncing from the $27k level amid some buying by investors at the dip.
SHIB price currently trades at $0.0000103, down 11% in a week due to selloffs and low burn rate in the last few days. The community expects SHIB price to end the year at $0.01.
Meanwhile, DOGE price also remains under pressure. The price currently trades at $0.0791, down 2% in the last 24 hours and 17% in a week. However, some believe this could be the last time a correction is witnessed before crypto prices recover.
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