Shiba Inu experiences a significant price surge, reaching a new peak for 2023 at over $0.000012, propelled by Binance’s recent introduction of a SHIB/FDUSD trading pair with zero maker fees.
Binance’s decision to waive maker fees on the SHIB/FDUSD trading pair acts as a strategic catalyst, fostering increased trading activity.

Shiba Inu (SHIB) witnessed a notable surge, reaching a new peak for the year 2023, surpassing $0.000012 on Sunday. This upswing closely follows Binance’s recent announcement of a new SHIB/FDUSD trading pairing with zero maker fees. On-chain data trends indicate a significant response from traders, evidenced by a surge in buy orders on the Binance platform.

The spot market dynamics for Shiba Inu have undergone substantial bullish shifts this week, fueled by the impactful announcement from Binance. Initially revealed in June 2023, Binance announced its decision to replace the native BUSD stablecoin with the newly introduced First Digital USD (FDUSD) amidst regulatory scrutiny from the US SEC.

In a recent development on December 14, the Binance team officially confirmed the introduction of a new trading pair for SHIB/FDUSD. This strategic move ensures the continued availability of the Shiba Inu token on the Binance exchange, even as BUSD is slated for discontinuation in 2024.

Binance Eliminates Maker Fees for SHIB/FDUSD

In a strategic move to expedite the adoption of the FDUSD stablecoin, Binance has taken steps to further incentivize traders by abolishing maker fees on the SHIB/FDUSD pairing.

The elimination of fees on this trading option serves as a catalyst to drive increased trading activity among existing stakeholders, while also presenting an enticing proposition for prospective investors, potentially triggering a Fear of Missing Out (FOMO) effect in the market.

On-chain data trails substantiate the notable surge in demand for the SHIB token this week, particularly within the Binance exchange. Illustrated in the accompanying chart, active orders from Shiba Inu traders reveal a robust interest, with purchases totaling 1.95 trillion SHIB, while sell orders amount to 1.150 trillion. Notably, the market demand currently outstrips the volume of sell orders by a substantial 805 billion SHIB, underscoring the heightened interest and positive market sentiment surrounding the SHIB/FDUSD pairing on Binance.

Shiba Inu Exchange Orders

The Aggregate Order Books chart serves as a crucial indicator, showcasing the number of active buy/sell orders for a specific cryptocurrency within a given timeframe. A situation where the demand/bid side on the left surpasses the sell/ask side on the right signals the current dominance of bulls in the market.

Significantly, the recent surge in media attention surrounding the BONK token has contributed to an overall improvement in sentiment within the memecoin markets.

Should the Shiba Inu bulls leverage this positive media sentiment, coupled with the advantageous market demand resulting from Binance’s decision to eliminate trading fees on the SHIB/FDUSD pairing, it could potentially propel the SHIB price ahead of other top-performing memecoins, including notable names like BONK and Dogecoin. The favorable market conditions and increased media buzz create an environment conducive to a potential acceleration in SHIB’s price performance.

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Filed under: Bitcoin - @ December 18, 2023 4:18 pm