World’s largest cryptocurrency exchange, Binance, is executing another crypto delisting spree, with popular doggy-themed meme coin, Shiba Inu (SHIB), among the list of casualties. The listing will see several trading pairs including Shiba Inu effectively terminated from the exchange this month. 

Binance Delist SHIB/TUSD Trading Pair

In a blog post on June 26, Binance announced its plans to remove several spot trading pairs, effective immediately by June 28, 2024. The crypto exchange disclosed that it would be delisting SHIB/TUSD and terminating the spot trading bots services for this pair.

Binance has advised users to update or cancel their spot trading bots for SHIB/TUSD before their termination to avoid potential losses. The exchange revealed that its plans to delist SHIB/TUSD trading pairs will not affect the availability of the Shiba Inu token on the Binance Spot Exchange. 

Binance also disclosed that users will still be able to execute transactions using normal tokens and also continue trading the spot trading pair bases. Additionally, quoting assets on other trading pairs that are available on Binance will also persist on the exchange. 

Including the SHIB/TUSD spot trading pairs, Binance has unveiled plans to delist several other crypto pairs including BLUR/FDUSD, LINK/TUSD, MEME/ETH, METIS/FDUSD, NFP/BNB, and OSMO/BTC. The exchange outlined several reasons for delisting these spot trading pairs in its blog post.

According to the blog, the SHIB/TUSD and other spot trading pairs will be removed from Binance due to their poor liquidity and underperforming trading volume. The exchange stated that eliminating low-quality spot trading pairs was essential to protect users and maintain a high-quality trading market, ensuring the platform’s sustainability and stability. 

Binance often executes periodic delisting processes after executing an intense review of all the listed spot trading pairs on its platform. Last year, the exchange delisted the SHIB/BUSD margin pair to cease the full support of BUSD stablecoin. 

Data from Binance has also disclosed that the SHIB/TUSD spot trading pair is currently priced at $0.00001719, reflecting a 1.72% decrease in the past 24 hours. 

Shiba Inu Price Continues On Downward Spiral

The price of Shiba Inu has plummeted significantly, potentially signaling the end of the meme coin’s bullish rally. Data from CoinMarketCap has revealed that Shiba Inu has fallen by approximately 33.06% over the past month. 

The popular doggy-themed cryptocurrency is still witnessing more declines, recording a 2.39% drop in the last 24 hours. This massive downtrend has also significantly affected investors’ sentiment and demand for the meme coin, as Shiba Inu has witnessed a 36.31% decrease in its 24-hour trading volume. The cryptocurrency is currently trading at $0.000017, miles away from its record high of above $0.000044 earlier this year.  

Featured image created with Dall.E, chart from Tradingview.com