In a move that could potentially impact prices, cryptocurrency exchange giant Binance announced plans to delist spot trading pairs for several cryptocurrencies. The announcement, made on June 26th, affects popular tokens like Shiba Inu (SHIB), Chainlink (LINK), and even lesser-known names like Memecoin (MEME).
The delisting specifically targets trading pairs involving the TrueUSD (TUSD) stablecoin. This comes amid Binance’s reported reduction in support for TUSD due to unspecified “issues.” While high-volume trading pairs for these cryptos with other stablecoins like Tether (USDT) remain unaffected, the delisting of SHIB/TUSD and LINK/TUSD raises questions.
Binance cites “poor liquidity and trading volume” as the primary reasons for the delisting. The exchange claims this move protects users by ensuring a “high-quality trading market.” However, with the broader crypto market facing ongoing macro pressures, the timing of the delisting has some analysts cautious.
Potential Price Dips for SHIB and LINK
Binance holds a dominant 48% market share in the global cryptocurrency market. Historically, delisting announcements on the platform have impacted prices. This, coupled with the upcoming release of PCE inflation data and monthly options on Friday, could exacerbate any potential price dips for SHIB and LINK.
While SHIB experienced a momentary 3% surge in the past 24 hours, it has since pared back those gains. At the time of writing, SHIB trades around $0.00001755, with a declining trading volume over the past day. Similarly, LINK also witnessed a minor rise and subsequent correction, currently hovering near $14.10 with a significant drop in trading volume.
Looking Ahead
The impact of the delistings on SHIB, LINK, and other affected cryptocurrencies remains to be seen. While some analysts predict price dips due to reduced trading options and broader market uncertainty, the overall effect might be mitigated by the continued existence of high-volume trading pairs for these tokens.
It’s important for investors to monitor the situation closely, particularly in the wake of the upcoming economic data release and options expiry. This could provide further clarity on the potential price movements for SHIB, LINK, and the broader cryptocurrency market.