Insight from Coinmarketcap suggests that the SHIB/USDT market in Binance has more depth than all other SHIB markets in other exchanges.
According to market depth insights from CoinMarketCap, about $775k in funds could induce a 2% surge in price for SHIB on the Binance exchange. Conversely, a deduction of $1.1 million from the SHIB/USDT market in Binance could drive a price drop by 2%.
The data is quite different for the SHIB/USD pair. About $546k can cause a 2% surge in SHIB’s prices, whereas a withdrawal of approximately $759k could decrease the price by the same percentage.
CoinMarketCap data also suggests that the SHIB market depth in all other exchanges, including Kucoin, Kraken, and more, is way lower than Binance’s and Coinbase’s. Taking the SHIB/USDT pair in Kucoin as an example, a deposit or withdrawal of only $263k and $292k would result in a 2% price change. The higher the amount needed to push prices, the higher the liquidity.
Comparatively, Dogecoin (DOGE) would require additions or withdrawals of $1.28 million and $1.55 million in the Binance DOGE/USDT markets to see a 2% price change.
In Coinbase, the amount needed to push DOGE by 2% is $1.01 million. However, about $1.9 million is required to drive DOGE, in the DOGE/USD markets in Coinbase, to plunge by 2%.
This data suggests that DOGE markets in Coinbase may be slightly more liquid than those in Binance. Furthermore, DOGE remains a more liquid meme coin than SHIB based on the data.
Shiba Inu (SHIB) has recently announced a major development – its long-awaited layer-two network Shibarium. We have a detailed video where you can find everything you need to know about here:
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