Shibaย Inuย Market Depth Analysis: Binance vs. Other Exchanges
Inย theย caseย of market depth, Coinmarketcap outlines 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 makeย 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 makeย 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 Kucoinโs 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.
Onย theย otherย sideย , Dogecoinย (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 likewise impliesย that Dogecoinย (DOGE) markets in Coinbase couldย 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. Nonetheless, Dogecoinย (DOGE) remains a more liquid Memeย Coin coin overall, with Coinbase showing slightly higher liquidity for Dogecoinย (DOGE) markets.
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