8 months ago
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The largest crypto exchange by market share, Binance is looking to make the most of the meme coin frenzy as it recently announced a promotion on its platform for crypto tokens like Shiba Inu (SHIB), Dogecoin (DOGE), and Dogwifhat (WIF).
Binance Announces Interest Fee Waiver For Meme Coins
The crypto exchange announced in a release that all users who borrow DOGE, SHIB, WIF, PEPE, FLOKI, BONK, and MEME (on Binance Margin) will receive a one-hour interest fee waiver. This promotion is set to last from March 12 to March 26. Interestingly, these tokens are the seven largest meme coins by market cap.
Elaborating on how the promotion will work, Binance noted that interest usually accrues at the start of every hour. Therefore, traders won’t charged any interest if they can complete repayment within the first hour of borrowing.
This introduction of this new promotion is believed to be one of the crypto exchange’s ways of taking advantage of the heightened interest in meme coins lately. So far, this category of crypto tokens has been one of the leading narratives in this bull cycle, and Binance will be hoping that this can further entice users to trade these meme coins on its platform.
The crypto exchange had also recently listed WIF for spot trading and listed MYRO, another Solana-based meme coin, for futures trading. Meanwhile, it added a PEPE/USDC pair to go along with the already-existing PEPE/USDT pair. This also forms part of the initiatives to further lure meme coin traders to its platform.
Besides meme coins, Game-Fi looks to be another leading narrative heading into this bull cycle and this is something that Binance also recognizes. The crypto exchange also announced that the interest fee waiver will apply to PORTAL, GALA, BNX, YGG, and PIXEL which are all gaming tokens.
Crypto Exchanges Seeing Increased Demand For Shiba Inu
NewsBTC recently reported that crypto trading platforms Robinhood and Crypto.com had accumulated 332 billion and 2 trillion SHIB tokens, respectively. This underscores the increased interest in SHIB from traders lately as these crypto exchanges have had to shore up their holdings to meet the demand.
The demand for SHIB, in particular, has been very evident, with NewsBTC reporting that SHIB had seen a 20 times increase in March from its February average of daily new addresses. The interest in the meme coin also looks to have extended to its broader ecosystem, with layer-2 network Shibarium’s Total Value Locked (TVL) hitting a new all-time high (ATH).
At the time of writing, SHIB was trading at around $0.00003318, which has been up in the last 24 hours, according to data from CoinMarketCap.
Featured image from CoinMarketCap, chart from Tradingview.com
