Binance Liquid Swap Now Supports Shib/Doge Market Liquidity and Six More Assets

Updated: 24 April 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

Binance, the world’s largest cryptocurrency exchange, has recently opened seven new liquidity pools for cryptocurrencies, such as Bitcoin, Shiba Inu, and Dogecoin. This move comes in response to the growing demand for these digital assets. The Binance Liquid Swap platform enables users to swap between different tokens or provide liquidity to Binance’s pools, allowing them to earn rewards.

On April 24, Binance’s Liquid Swap service announced the addition of seven new liquidity pools, including popular pairs such as BTC/TUSD, SHIB/DOGE, and TUSD/USDT. While these pools allow users to trade and earn rewards by pooling tokens, becoming a liquidity provider has risks. During volatile market conditions, token prices can fluctuate, potentially causing losses or lower staking income.

#Binance Liquid Swap adds BETH/USDT Liquidity Pool, and increases Combo Rewards for BETH Liquidity Pools.

More info & risk warning ➡️ https://t.co/GNxKLff3uf pic.twitter.com/4LF119aHM3

— Binance (@binance) March 17, 2023

Binance has also shifted its focus toward the stablecoin TrueUSD (TUSD) following regulatory action against Binance USD (BUSD). As a result, the exchange removed zero-fee trading for all crypto pairs except TUSD, which caused a significant decrease in BTC trading volumes for several pairs. As a result, BTC/TUSD trading volumes have increased slightly.

One of the newly added liquidity pools on Binance’s Liquid Swap service is for the SHIB/DOGE pair, which allows users to swap tokens at market price. Both meme coins have seen a surge in demand, partly because of the recent beta release of the Shibarium Layer-2 blockchain and Elon Musk’s hints at potential Dogecoin integration for Twitter payments.

However, it’s important to note that a transaction fee will be applied when adding only one crypto asset to the liquidity pool.

Binance Announcement Triggers Marginal Increase as Bitcoin, Dogecoin, and Shiba Inu Prices Experience Pressure

Binance’s latest announcement has prompted immediate reactions from crypto traders, causing a slight increase in the prices of top cryptocurrencies like Bitcoin, Dogecoin, and Shiba Inu.

Bitcoin is currently experiencing some pressure, with its price trading below $27,500 and hitting a low of $27,169. Despite this, there has been some buying by investors at the dip, leading to a rebound from the $27k level.

Shiba Inu’s price has decreased 11% in a week because of selloffs and low burn rates in recent days, trading at $0.0000103 at press time. However, the community remains hopeful that SHIB’s price will reach $0.01 by the end of the year.

Dogecoin’s price has also been under pressure, with a 2% decrease in the last 24 hours and a 17% decrease in a week, currently trading at $0.0791. Despite this, some analysts predict this could be the last time we witness a correction before crypto prices recover.

World Economic Forum Advocates Bitcoin Mining

In a significant shift from its previous stance, the WEF now recognizes the advantages of Bitcoin mining in terms of its economic potential and environmental impact. The organization had previously criticized the high energy consumption associated with crypto mining but is now supporting certain aspects of the industry.

According to a recent video released by the WEF, crypto miners such as Crusoe Energy are now being recognized for their ability to help oil and gas companies mitigate waste and emissions that harm the environment. The crypto community will surely welcome this change in perspective as they continue to strive for mainstream acceptance and recognition.

NEW: The World Economic Forum has released a video promoting #Bitcoin miner Crusoe Energy, who uses waste methane to power their operations 👀😮 pic.twitter.com/eQ7VBsx0EW

— Bitcoin News (@BitcoinNewsCom) April 23, 2023

Chase Lochmiller, the CEO of Crusoe Energy, recently explained how his company uses excess natural gas from energy operations to power data centers and crypto mining. Crusoe uses Digital Flare Mitigation technology to eliminate natural gas flaring from oil fields and landfills. They move their data centers to the location of waste energy sources and use waste methane streams to power them. This reduces the environmental impact of methane emissions and increases energy efficiency in computing.