Binance Updates, Cardano Whale Sell-Off, and More: Bits Recap for March 18

TL;DR

• Binance added XUSD, introduced BMT/USDT and MUBARAK/USDT perpetual contracts, and announced the removal of several margin trading pairs.

• Large investors offloaded over $70M in ADA, increasing selling pressure, though a spot ADA ETF approval could reverse the trend.

• Shiba Inu’s former lead developer remains inactive on X, but insiders are reassured that they are focused on the new ambassadorial role.

Binance’s Latest Listings/Delistings

Despite remaining silent on potential support for Pi Network’s native token, Binance has recently conducted numerous other amendments to its platform. Earlier this week, it revealed that it will list the stablecoin StraitsX USD (XUSD) on March 19. 

Shortly after the disclosure, the asset, which is pegged 1:1 to the American dollar, experienced a major rally to almost $1.80 before returning to its target. 

The world’s largest crypto exchange also introduced BMT/USDT and MUBARAK/USDT perpetual contracts with up to 25x leverage. The prices of both assets have soared by double digits due to the inclusion. 

Contrary to the new additions on the platform, Binance said it will remove some existing margin trading pairs on March 25. ALPHA/BTC, CTXC/BTC, DODO/BTC, IDEX/USDC, LISTA/FDUSD, NKN/BTC, and SAGA/BTC will be excluded from the cross margin section, whereas ALPHA/BTC, CTXC/BTC, DODO/BTC, FLM/BTC, IDEX/USDC, LISTA/FDUSD, and NKN/BTC will be scrapped from the isolated margin category.

The majority of the affected assets have witnessed minor losses, and their prices have remained relatively stable after the announcement. It is worth mentioning that a major pullback is usually observed when Binance terminates all services with a certain cryptocurrency. Such was the case in October last year when UNFI, OOKI, and other tokens crashed by double digits after the company withdrew its support.

ADA Whales on a Selling Spree

Cardano’s native token has lost some steam lately, and some important developments suggest that the correction might intensify in the short term.

According to the X user Ali Martinez, whales offloaded over 100 million ADA tokens last week. Similar continuous efforts increase the circulating supply of the asset, which could be a precursor of a further decline (if demand doesn’t catch up the pace). Additionally, large sell-offs coming from whales may scare other smaller investors and make them cash out, too.

On the other hand, a new resurgence of the cryptocurrency market or the potential approval of a spot ADA exchange-traded fund (ETF) in the US might significantly push the price in the opposite direction.

How’s SHIB Doing?

Lastly, we will touch upon the second-biggest meme coin, Shiba Inu (SHIB), whose former lead developer, using the pseudonym Shytoshi Kusama, has been surprisingly inactive on X lately. 

LUCIE (Shibarium’s marketing strategist) assured the community that this is not a cause for concern, reminding that Kusama has become an ambassador of the project and “is doing exactly what he announced he would.”

Many X users commenting on the post appreciated the information, with some predicting that the former leader may announce “groundbreaking” partnerships for Shiba Inu once they break their silence. 

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