If you are wondering about the amount of money required to boost the price of Shiba Inu (SHIB) by a mere 2%, we have got you covered. Discover the answer to this inquiry and gain insights into the cryptocurrency market.
A recent analysis by CoinMarketCap reveals interesting insights into the depth of the SHIB markets in various exchanges. Particularly, the SHIB/USDT market in Binance stands out with its significantly higher liquidity compared to other exchanges.
According to CoinMarketCap’s market depth data, a relatively low amount of funds, approximately $775k, could potentially drive a 2% surge in the price of SHIB on the Binance exchange. Conversely, a withdrawal of $1.1 million from the SHIB/USDT market in Binance could lead to a 2% price drop. This indicates that the SHIB/USDT market in Binance has substantial depth and liquidity.
However, the situation is different for the SHIB/USD pair. It would require approximately $546k in deposits to cause a 2% price increase, while a withdrawal of about $759k could lead to the same percentage decrease in price. This suggests that the liquidity of the SHIB/USD pair is lower compared to the SHIB/USDT market in Binance.
The analysis also highlights that the market depth for SHIB in other exchanges, including Kucoin and Kraken, is significantly lower than that of Binance and Coinbase. For instance, in the SHIB/USDT pair on Kucoin, a deposit or withdrawal of only $263k and $292k respectively would result in a 2% price change. This indicates a lower liquidity compared to Binance and Coinbase.
In comparison, Dogecoin (DOGE) requires larger additions or withdrawals of $1.28 million and $1.55 million in the Binance DOGE/USDT markets to observe a 2% price change. On Coinbase, DOGE would need around $1.01 million for a 2% price movement, while a significant amount of approximately $1.9 million is required for a 2% price drop in the DOGE/USD markets. Consequently, these figures suggest that DOGE markets on Coinbase might be slightly more liquid compared to Binance, and that DOGE remains a more liquid meme coin than SHIB.
Aside from market depth analysis, Shiba Inu (SHIB) recently made an important announcement regarding the launch of its long-awaited layer-two network called Shibarium. To learn more about this major development, you can watch our detailed video:
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Now, you might be wondering what sets the SHIB/USDT market in Binance apart from other exchanges when it comes to market depth. According to insights from CoinMarketCap, the Binance market depth for SHIB/USDT surpasses that of other exchanges, such as Kucoin and Kraken.
In Binance, it only takes a deposit or withdrawal of approximately $775k to induce a 2% surge in SHIB’s price. On the other hand, a deduction of $1.1 million from the SHIB/USDT market in Binance could drive a price drop by the same percentage. These figures highlight the substantial liquidity and depth in the SHIB market on the Binance exchange.
In contrast, the liquidity situation is different for the SHIB/USD pair. A deposit of around $546k can cause a 2% surge in SHIB’s prices, while a withdrawal of approximately $759k could decrease the price by the same percentage. This suggests a lower liquidity level for the SHIB/USD pair compared to the SHIB/USDT market in Binance.
The analysis conducted by CoinMarketCap also reveals that the market depth for SHIB in other exchanges, including Kucoin and Kraken, is considerably lower than Binance and Coinbase. For example, in the SHIB/USDT pair on Kucoin, a deposit or withdrawal of only $263k and $292k respectively would result in a 2% price change. This signifies lower liquidity levels compared to Binance and Coinbase.
Comparatively, Dogecoin (DOGE) exhibits different liquidity requirements. In the Binance DOGE/USDT markets, DOGE would require additions or withdrawals of $1.28 million and $1.55 million respectively to see a 2% price change. On Coinbase, DOGE would need approximately $1.01 million for a 2% price movement. Moreover, about $1.9 million is required to drive DOGE in the DOGE/USD markets on Coinbase to plunge by 2%.
From this data, it can be concluded that DOGE markets on Coinbase may be slightly more liquid than those on Binance. Additionally, based on liquidity metrics, DOGE remains a more liquid meme coin compared to SHIB.
In other news, Shiba Inu (SHIB) has recently made a major development announcement – the launch of its long-awaited layer-two network called Shibarium. To learn more about this significant development, you can watch our detailed video:
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