How Binance is Making Shiba Inu (SHIB) and Dogecoin (DOGE) Prices Surge
Release: 2024/03/15 22:04 Reading: 679
Binance, the leading crypto exchange in terms of market share, is capitalizing on the current enthusiasm for meme coins by launching a new promotion focused on popular crypto tokens such as Shiba Inu (SHIB), Dogecoin (DOGE), and Dogwifhat (WIF).
Announced recently, this promotion offers users who borrow selected meme coins on Binance Margin—including DOGE, SHIB, WIF, PEPE, FLOKI, BONK, and MEME—a waiver on interest fees for the first hour.
This incentive is available from March 12 to March 26, targeting the seven largest meme coins by market cap.
The mechanism behind the promotion is straightforward: interest accrues hourly, but traders can avoid any charges by repaying within the first hour of borrowing.
This strategy aligns with Binance’s broader goal to leverage the surging interest in meme coins, which have been at the forefront of the current bull cycle’s narrative.
The exchange aims to attract more users to trade these tokens by utilizing their popularity.
In addition to this promotion, Binance has expanded its offerings in the meme coin sector.
It has introduced WIF for spot trading and listed MYRO, a Solana-based meme coin, for futures trading.
READ MORE: Pepe Coin Surges to New Heights, Joining Bitcoin and Ether in Crypto Rally
Additionally, a PEPE/USDC trading pair has been added, complementing the existing PEPE/USDT pair, as part of efforts to appeal to meme coin traders.
The exchange is not just focusing on meme coins but also on the Game-Fi sector, acknowledging its potential in the upcoming bull cycle.
The interest fee waiver also covers gaming tokens such as PORTAL, GALA, BNX, YGG, and PIXEL, indicating Binance’s recognition of diverse investment narratives.
The increased interest in meme coins, particularly SHIB, is evident across the crypto trading platform landscape.
NewsBTC highlighted that platforms like Robinhood and Crypto.com have significantly increased their SHIB holdings, responding to the growing demand from traders.
SHIB’s popularity is further underscored by a reported 20-fold increase in daily new addresses in March compared to February and a new all-time high in the Total Value Locked (TVL) of its layer-2 network, Shibarium.
At the moment, SHIB’s price has seen an uptick in the last 24 hours, trading at approximately $0.00003318 according to CoinMarketCap data, reflecting the broader interest in this meme coin and its ecosystem.
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