Shiba Inu-Themed Meme Coin Tanks After OKX Says Goodbye: Details

TL;DR

• A well-liked meme coin inside SHIB’s ecosystem nosedived by double digits after OKX withdrew its help.
• Staff member LUCIE addressed the panic, urging customers to embrace DeFi over centralized platforms and warning that even main exchanges aren’t proof against collapse.

BONE Heads South

Shiba Inu (SHIB) is a meme coin that has advanced into a strong ecosystem over the previous few years. Some of the fashionable tokens throughout the community is Bone ShibaSwap (BONE).

The asset has not been in its finest form recently, posting a 32% decline on a month-to-month scale and plunging by 12% previously 24 hours alone.

The primary purpose triggering the most recent downfall is OKX’s choice to withdraw its help from the meme coin. The well-known cryptocurrency alternate announced that it can delist a number of digital property on July 7, with BONE included within the checklist. 

OKX has already suspended deposits involving the token, whereas withdrawals will be terminated by the tip of September. 

“We’ll proceed to watch all listed buying and selling pairs and implement the delisting/hiding mechanism as vital,” the corporate concluded.

OKX boasts over 50 million customers globally and is among the many behemoths in its area. When it withdraws help for a token, it typically results in damaging value impacts pushed by lowered liquidity, restricted entry, and potential reputational considerations.

BONE noticed the sunshine of day in the summertime of 2021 alongside the debut of ShibaSwap – Shiba Inu’s decentralized alternate. It allows holders to vote on improvement proposals and affect protocol selections, serves as a reward for liquidity suppliers, and capabilities as a gasoline token for Shibarium. Throughout its early days, its value skyrocketed above $15, whereas presently, it trades at a mere $0.18. 

The Group’s Response

One one who gave their two cents on the delisting effort is the X person LUCIE, who serves as Shibarium’s advertising and marketing strategist. The staff member thinks there’s a lot panic over two (unnamed) “manipulative” exchanges which have withdrawn their help from the token. 

LUCIE stated they don’t need to be concerned within the drama, placing their belief in DeFi and highlighting its benefits over centralized platforms:

“I belief DeFi. Use good exchanges solely to alternate. We’re right here to construct and embrace DeFi – and simplify it so even inexperienced persons can onboard while not having 2FA, KYC, and a blood pattern simply to get began.”

Shibarium’s govt additionally famous that SHIB and different cryptocurrencies, like XRP, have confronted related FUD (Concern, Uncertainty, and Doubt) however have survived the backlash over time. On the identical time, LUCIE reminded concerning the demise of former giants like FTX and WazirX, hinting that centralized exchanges usually are not immune to a different collapse of that kind.