Binance's token listing strategy sparks SHIB community outrage as BONE is overlooked. Explore the impact on crypto market dynamics and investor sentiment.
Binance has been up to something lately, and it's not sitting well with a lot of folks in the Shiba Inu community. The exchange that everyone loves to hate (or loves to love) has been listing a bunch of new tokens—like NEIRO and TURBO—and skipping over BONE, a crucial token in the ShibaSwap ecosystem. This snub has got SHIB supporters riled up, especially since other exchanges like Gate.io and OKX have no problem listing it. Let's dive into what's going on here.
If you take a look at Binance's recent listings, it becomes pretty clear what their strategy is. They seem to be all about those new tokens that generate buzz and hype. But why? Well, there are a few reasons.
For one, new tokens create excitement. Investors looking for the next big thing flock to these coins, driving up trading volume. And guess who benefits from all that activity? Yep, Binance does. High trading volumes mean more liquidity for the exchange and more fees collected.
Then there's competition. In an ever-evolving crypto landscape, exchanges need to stay relevant. Listing fresh tokens is one way they can differentiate themselves from other platforms.
Now let's talk about BONE itself. Launched back in July 2021, this governance token plays a vital role in the Shiba Inu ecosystem. It's used for voting on proposals within ShibaSwap and is also part of the mechanism aimed at burning SHIB tokens to increase their value over time.
The absence of BONE from Binance's listings is puzzling when you consider its utility and importance within the ecosystem. Lucie, marketing lead for Shiba Inu, even took to social media to express her frustration over this oversight.
You don't have to look far to see how upset people are about this snub. Lucie's tweet urging Binance to list BONE got some traction—over 300 likes! And it's not just her; many in the community feel that their token deserves better recognition.
As for market sentiment? Well, it's not great right now for SHIB or BONE holders. After hitting a peak of $0.00001407 on September 14th, SHIB has dipped down to $0.0000133 as of today. On-chain metrics aren't looking too hot either; large transaction volume has plummeted by 76% since then.
So what does all this mean beyond just some hurt feelings in one community? It actually opens up avenues for businesses looking to engage with crypto users.
Companies can start accepting BONE as payment! With various tools available—like eCommerce plugins or even simple payment links—it's easier than ever for businesses to integrate crypto payments into their systems.
By doing so, companies not only tap into an enthusiastic user base but also position themselves as forward-thinking entities open to embracing new technologies.
At the end of the day, one has to wonder if there's method behind what seems like madness at first glance regarding exchange listings.
Surely established coins like BONE should have a place alongside newer ones—but perhaps that's not how things work in crypto land.
Whether or not this strategy will pay off remains uncertain—but it certainly gives food for thought about how we navigate these waters as investors ourselves!
