Binance Changes, Shibarium’s Surge, and Bitcoin Volatility Recap

TL;DR

• Binance has launched 1000CATUSDT perpetual contracts and removed four altcoins from its platform, resulting in sharp price declines.
• Shibarium recorded a substantial increase in daily transactions, yet SHIB’s price fell by 2% over the week.
• Bitcoin (BTC) witnessed significant fluctuations, dropping below $65,500 before bouncing back to approximately $67,200.

Binance’s Recent Changes

The leading cryptocurrency exchange is broadening its range of trading options to adapt to current market dynamics. Earlier this week, it introduced 1000CATUSDT perpetual contracts on its futures platform. This offering provides leverage of up to 75x and supports a multi-assets mode.

As somewhat anticipated, Simon’s Cat (CAT) saw a significant rally following the announcement. Its price soared by 65% in a single day, with its market capitalization approaching $250 million. The positive trend continued in the subsequent days, with CAT increasing another 7% in the past 24 hours.

In addition to introducing new services, Binance frequently eliminates certain cryptocurrencies due to issues like limited liquidity and low trading volumes.

As CryptoPotato reported, the latest wave of delistings affected Rupiah Token (IDRT), Keep3rV1 (KP3R), Ooki Protocol (OOKI), and Unifi Protocol DAO (UNFI). These altcoins will no longer be accessible on the platform starting November 6, whereas withdrawals will remain available until February 6, 2025.

KP3R, OOKI, and UNFI experienced considerable price declines post-announcement, with each dropping roughly 40%.

Shibarium in the Spotlight

Shiba Inu’s layer-2 blockchain solution has made a notable resurgence in the past few days. On October 22, daily transactions on the network skyrocketed to 1.77 million, representing an increase of nearly 1,300% within 24 hours. This number continued to rise,reaching 3.24 million transactions the subsequent day. Such transaction volumes were last seen in February of this year.

Shibarium significantly enhances the Shiba Inu ecosystem’s ability to manage transactions efficiently, facilitating greater user adoption of the platform for decentralized applications. This could increase the demand for SHIB as a utility token, potentially boosting its price. Despite this revival, the meme coin has experienced a weekly decline of 2%.

BTC’s Fluctuations

Finally, let’s discuss the leading cryptocurrency, which has seen significant volatility recently. The week began with its price exceeding $69,000, with many market participants anticipating further growth past the pivotal $70K mark. 

However, the price unexpectedly fell to below $65,500 on October 23. Nonetheless, the bulls quickly took action, driving the price up by $2,000 in just a few hours. Currently, the asset is trading at approximately $67,200 (according to CoinGecko), indicating a 10% increase over the past two weeks.