In a surprising turn of events, Shiba Inu (SHIB) has witnessed a remarkable resurgence, reclaiming $0.000012 in the early hours of December 17. This surge, up by 10% from last week’s peak, can be directly attributed to Binance’s recent strategic move: the introduction of the SHIB/FDUSD Trading Pair and the elimination of maker fees.
Binance’s Bold Move and Traders’ Reaction
Barely a week after the announcement, on-chain data reveals a staggering 1.95 trillion Buy Orders on Binance in response to the fee elimination. The decision to introduce a new trading pair for SHIB/FDUSD comes as a proactive measure by Binance, replacing its native BUSD stablecoin with First Digital USD (FDUSD) amidst regulatory scrutiny from the US SEC.
This move ensures that Shiba Inu continues to trade on Binance even after BUSD is phased out in 2024. The Binance team sweetened the deal by waiving maker fees on the SHIB/FDUSD pairing, a strategic move to bolster the adoption of FDUSD stablecoin.
Market Dynamics and Bullish Shifts
Eliminating fees on a trading option typically sparks increased trading activity among existing stakeholders and entices new investors to participate. As reflected in on-chain data, Shiba Inu has experienced a surge in demand, particularly on the Binance exchange.
The chart depicts Shiba Inu traders actively placing buy orders for a staggering 1.95 trillion SHIB, while sell orders total 1.150 trillion. The significant market demand surpassing sell orders by 805 billion SHIB underscores the enthusiasm generated by Binance’s fee elimination.
A Potential Leapfrog in Meme Coin Rankings
As the meme coin markets receive heightened attention, the positive media buzz surrounding the BONK token has contributed to improved overall sentiment. Shiba Inu, poised to capitalize on this positive media sentiment, could potentially outpace top-performing memecoins like BONK and Dogecoin.
A Bullish Outlook for SHIB
With Shiba Inu traders capitalizing on the momentum created by Binance’s strategic move, the stage is set for SHIB to surge ahead in the meme coin race. The elimination of trading fees on the SHIB/FDUSD pairing has created a market dynamic favoring the bulls, potentially propelling Shiba Inu to new heights in the ever-evolving world of meme coins. Investors and enthusiasts alike are now eagerly watching to see if SHIB can indeed outshine its meme coin counterparts in the coming days.
