Shiba Inu (SHIB) Price to Overtake BONK and DOGE after Binance’s Latest Announcement?

Insights:

• Shiba Inu (SHIB) price reclaimed $0.000012 in the early hours of Dec 17, up 10% from last week’s peak
• Binance’s recent announcement of the SHIB/FDUSD Trading Pair, and elimination of maker fees, is expected to cause seismic shifts in Shiba Inu market dynamics. 
• Barely a week after the announcement on-chain data shows that traders reacted to the fee elimination by 1.95 trillion Buy Orders on Binance.

Shiba Inu (SHIB) price soared to a new 2023 peak above $0.000012 on Sunday. This price uptick comes just days after Binance announced a new SHIB/FDUSD pairing with zero maker fees. On-chain data trends reveal that traders have reacted to the news event by mounting buy orders on Binance. 

Will this catapult SHIB price above Dogecoin (DOGE) and BONK on the meme coin top gainers’ charts? 

Shiba Inu Traders Mount 1.95 trillion Buy Orders as Binance Launches New Trading Pair  

Shiba Inu has experienced significant bullish shifts in it spot markets dynamics this week after Binance issued a major announcement. Back in June 2023, Binance initially announced the desiciton to repla its native BUSD stablecoin with a newly-issued First Digital USD (FDUSD), amid regulatory crackdown from the US SEC. 

However, on December 14, the Binance team officially announced new trading pair for SHIB/FDUSD trading pair. This would allow the Shiba Inu token to continue trading on Binance exchange after BUSD is officially discontinued in 2024.

In a bid to accelerate adoption of the FDUSD stablecoin, Binance sweetened the pot by eliminating maker fees on the SHIB/FDUSD pairing. 

When fees are eliminated on a trading option, it encourages existing stakeholders to increase their trading activity while prospective investors are also incentivized to FOMO into the market. 

In effect, on-chain data trail confirm that the SHIB token has witnessed a significant increase in demand this week, particularly on the Binance exchange. 

As depicted in the chart below, Shiba Inu traders have mounted active orders to purchase 1.95 trillion SHIB while sell orders stand at 1.150 trillion. Interestingly, as things stand the market demand has surpassed the volume of sell orders by a whopping 805 billion SHIB. 

The Aggregate Order Books chart shows that number of active buy/sell orders listed for particular cryptocurrency at a given period. When the demand/bid side on the left exceed the sell/ask side on the right, it signifies that the bulls have currently the upper hand. 

Notably, the media buzz surround the BONK token in recent days has improved the overall sentiment surrounding the memecoin markets. 

If the Shiba Inu bulls capitalize on that positive media sentiment, this skewed market demand triggered by Binance eliminating trading fees on SHIB/FDUSD pairing, could see SHIB price accelerate ahead of the like top-performing memecoins including BONK and Dogecoin.