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 assist.
• Staff member LUCIE addressed the panic, urging customers to embrace DeFi over centralized platforms and warning that even main exchanges aren’t resistant to collapse.

BONE Heads South

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

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

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

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

“We are going to 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 subject. When it withdraws assist for a token, it typically results in adverse worth impacts pushed by diminished liquidity, restricted entry, and potential reputational issues.

BONE noticed the sunshine of day in the summertime of 2021 alongside the debut of ShibaSwap – Shiba Inu’s decentralized change. It permits holders to vote on growth proposals and affect protocol choices, serves as a reward for liquidity suppliers, and features as a fuel token for Shibarium. Throughout its early days, its worth skyrocketed above $15, whereas at present, it trades at a mere $0.18. 

The Neighborhood’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 The crew member thinks there’s a lot panic over two (unnamed) “manipulative” exchanges which have withdrawn their assist from the token.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 change. We’re right here to construct and embrace DeFi – and simplify it so even rookies can onboard while not having 2FA, KYC, and a blood pattern simply to get began.”

Shibarium’s government additionally famous that SHIB and different cryptocurrencies, like XRP, have confronted related FUD (Worry, Uncertainty, and Doubt) however have survived the backlash over time. On the similar 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.