Shiba Inu (SHIB) Market Depth Analysis: Binance vs. Other Exchanges
When it comes to market depth, Coinmarketcap reveals that the SHIB/USDT market in Binance has more liquidity compared to other exchanges. According to the data, a deposit of $775k in the Binance SHIB/USDT market could cause a 2% price increase, while a withdrawal of $1.1 million could result in a 2% price drop.
On the other hand, the SHIB/USD pair shows different figures. Approximately $546k could lead to a 2% price surge, while a withdrawal of about $759k could cause a 2% decrease in price.
Comparing the market depth of SHIB in other exchanges such as Kucoin and Kraken, the liquidity is significantly lower. In Kucoin’s SHIB/USDT pair, a deposit or withdrawal of $263k and $292k respectively could result in a 2% price change. The higher the required amount for price movement, the higher the liquidity.
In contrast, Dogecoin (DOGE) requires much larger additions or withdrawals, ranging from $1.28 million to $1.55 million in the Binance DOGE/USDT markets, to see a 2% price change. The data also suggests that DOGE markets in Coinbase may be slightly more liquid than those in Binance.
Hot Take
Based on the market depth analysis, SHIB has higher liquidity in Binance compared to other exchanges. However, DOGE remains a more liquid meme coin overall, with Coinbase showing slightly higher liquidity for DOGE markets.
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