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- Crypto exchange Binance, has increased the OTC order limit for the Shiba Inu (SHIB) memecoin to $30,000.
- The OTC order limit for 14 other assets, including Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB).
Shiba Inu community members might have to brace themselves for a potential rally in the near term, thanks to Binance’s recent move.
The leading cryptocurrency exchange has made a notable change to one of its trading options, and the update could significantly help to boost the price of the memecoin in the long term. According to its official announcement, Binance has increased the order limit for Shiba Inu’s over-the-counter trading.
“We’ve increased the maximum order limit for OTC (over-the-counter) trading across 16 popular cryptocurrencies and 37 trading pairs. Our OTC Trading Portal allows traders to place large buy and sell orders directly, without disrupting markets or having orders appear on a public order book.” Binance wrote in its official blog post announcement.
This change will result in an increase in the order limit for 15 digital currencies, including Shiba Inu, Dogecoin, and Bitcoin. While the order limit for BNB, Bitcoin, Ethereum, and the USD Coin were increased to $300,000, the limits for the other 12 assets, including Shiba Inu, were increased to $30,000.
“We are continually working to evaluate and increase the number of high-quality assets and trading pairs on the OTC Trading Portal.” Binance further explained.
OTC crypto trading usually involves two parties carrying out cryptocurrency trading, without the use of an exchange. Buyers and sellers typically negotiate trading terms, before carrying out transactions outside the exchange.
In the long term, the market can expect to see the order limits for Shiba Inu increase, depending on the level of demand recorded.
Shiba Inu records an increase in price value following its recent burn
Meanwhile, Shiba Inu traders seem to be smiling into the weekend as the memecoin has successfully snagged decent gains. Shiba Inu initially surged by 3%, while the rest of the crypto market bled.
The gains came in not long after yet another Shib burn was successfully initiated. Over the last 24 hours, 79 million Shib’s Inu tokens have been wiped out of the market. This has gone on to reduce the already decreasing Shiba Inu supply.
As expected, a reduction in supply could increase demand, hence the initial surge in Shiba Inu’s price. However, the memecoin has not been able to sustain the bullish momentum.
The asset has since lost more than 18% in trading volume. According to our data, Shiba Inu is now trading for $0.00001005. The technical charts also reflect a mild decrease in selling pressure following the last 24 hours.
Meanwhile, Shiba Inu’s long-standing rival Dogecoin is also in the red zone, as hourly losses pile up. Dogecoin now trades at $0.075 at report time.
