Binance TH Announces Shiba Inu Listing On New Network

June 9, 2024

Shiba Inu (SHIB) is set to gain increased accessibility and growth potential following Binance TH’s announcement of its listing on the Binance Smart Chain (BSC) network. This strategic move comes as Binance, the world’s leading cryptocurrency exchange, celebrates reaching 200 million users.

Effective June 11 at 2:00 a.m. ET, SHIB will be available for trading on the BSC network through Binance TH, a subsidiary of Gulf Binance. This is expected to significantly boost SHIB’s liquidity and trading volume, further solidifying its position in the cryptocurrency market.

Binance TH’s move to list SHIB on the BSC was a strategic effort to enhance trading options for its users. By adding SHIB to the BSC network, Binance TH aimed to provide broader access, lower transaction fees, and improved trading efficiency for one of the most popular meme coins in the crypto market.

The listing of SHIB on BSC is poised to have several positive effects on the cryptocurrency. SHIB’s listing on BSC allows users who preferred the Binance Smart Chain to trade SHIB more easily. This is anticipated to attract a wider user base, including those who were previously unable or unwilling to trade SHIB on other networks. 

The addition of SHIB to BSC could help boost trading activity, thereby increasing liquidity. Higher liquidity typically leads to more stable prices and tighter bid-ask spreads, benefiting both traders and investors. Trading SHIB on BSC enables users to enjoy cost-effective transactions, potentially increasing the volume of SHIB trades. 

As SHIB became accessible on more networks, its visibility and adoption increased. This broader adoption contributed to SHIB’s overall growth and popularity within the crypto community. Listing SHIB on BSC enhances its utility, making it easier to integrate into various DeFi protocols and applications operating on the Binance Smart Chain. This development will lead to new use cases and functionalities for SHIB, further driving its adoption and value.

The announcement of SHIB’s listing on BSC came on the heels of Binance reaching a significant milestone of 200 million users. This milestone highlighted Binance’s growing influence in the global cryptocurrency market and its commitment to expanding its services. “Today, we celebrate 200 million – and it’s all because of YOU! Your support is the heartbeat of our journey to 1 billion users,” the cryptocurrency exchange platform said in an X post, Saturday.

As of 6:20 p.m. ET on Sunday, Shiba Inu (SHIB) was trading at $0.00002353, with its 24-hour trading volume increasing by 5.93% to reach $466,523,554. This reflects a 1.63% rise in its value over the past 24 hours. However, over the last seven days, SHIB experienced a 4.68% decline. Despite this weekly drop, the token saw a 5.48% increase in value over the past 30 days.

SHIB’s market capitalization also grew by 1.62%, currently standing at $13,865,130,002. The circulating supply remains substantial, with 589,271,777,571,185 SHIB tokens in circulation, according to the latest data from CoinMarketCap.

Disclaimer: Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice.
The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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