Recent Binance Updates, Shibarium’s Revival, and More: Bits Recap Oct 24

TL;DR

Binance introduced 1000CATUSDT perpetual contracts and delisted four altcoins, causing significant price drops.
Shibarium’s daily transactions surged substantially, but SHIB’s price declined by 2% over the week.
Bitcoin (BTC) experienced high volatility, dropping below $65,500 before recovering to around $67,200.

Binance’s Latest Amendments

The biggest crypto exchange continues to expand its list of trading options to respond to ongoing market trends. Earlier this week, it launched 1000CATUSDT perpetual contracts on its futures platform. The offering allows up to 75x leverage and supports the multi-assets mode.

Somewhat expected, Simon’s Cat (CAT) experienced a substantial rally shortly after the announcement. Its price exploded by 65% daily, while its market cap neared $250 million. The resurgence continued in the following days, with CAT’s valuation soaring by another 7% in the past 24 hours.

Besides adding new services, Binance regularly removes some existing cryptocurrencies due to factors like poor liquidity and trading volume.

As CryptoPotato reported, the latest delisting spree impacted Rupiah Token (IDRT), Keep3rV1 (KP3R), Ooki Protocol (OOKI), and Unifi Protocol DAO (UNFI). The altcoins will no longer be available on the platform from November 6, whereas withdrawals will be supported until February 6, 2025.

KP3R, OOKI, and UNFI saw significant declines after the disclosure, with their prices plummeting by approximately 40% each.

Shibarium Making the Headlines Again

Shiba Inu’s layer-2 blockchain solution has made an impressive comeback in the past few days. On October 22, the number of daily transactions processed on the network surged to 1.77 million, a nearly 1,300% spike on a 24-hour scale. The figure kept climbing, reaching 3.24 million the following day. Such high levels were last observed in February this year.

Shibarium enhances the ability of the Shiba Inu ecosystem to handle more transactions efficiently, making it easier for users to adopt the platform for decentralized applications. This could lead to higher demand for SHIB as a utility token, potentially driving up its value. Despite the protocol’s revival, the price of the meme coin is in the red on a weekly scale, dipping by 2%.

BTC’s Ups and Downs

Last but not least, we will touch upon the primary cryptocurrency, which experienced significant volatility lately. Its price started the week at over $69,000, with numerous industry participants envisioning further gains above the psychological mark of $70K.

Contrary to those expectations, BTC headed south the following days, plunging below $65,500 on October 23. The bulls, though, reacted instantly, pushing the price by two grand in a matter of hours. Currently, the asset is worth around $67,200 (per CoinGecko’s data), representing a 10% increase on a two-week scale.