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Thursday, December 7, 2023

This Shiba Inu (SHIB) Rival Affected by BitMEX’s Recent Delisting Spree

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  • BitMEX is delisting ten perpetual swap contracts, including FLOKI/USD and FLOKI/USDT, due to “insufficient trading interest.”
  • Despite the delisting, Floki Inu’s (FLOKI) price increased by around 3% in the past 24 hours, outperforming other major memecoins like Dogecoin and Shiba Inu.
  • Floki Inu is among many memecoins in the market, known for their high volatility; investors are cautioned about potential risks due to some having minimal real-world use cases.

FLOKI Takes a Punch but Keeps Performing Well

The leading cryptocurrency exchange – BitMEX – announced the delisting of ten perpetual swap contracts on its platform. Namely, the trading pairs include FLOKI/USD, FLOKI/USDT, 1TAIDOGE/USD, 1TAIDOGE/USDT, BOB/USD, GMX/USD, GMX/USDT, ORDI/USD, RNDR/USD, and TURBO/USD.

The company said removing the aforementioned options follows “insufficient trading interest in these contracts.”

“Once a contract has expired, the lifetime profit and loss of that contract will be added to the user’s Bitcoin balance for XBT margined contracts or Tether balance for USDT margined contracts, and this contract will no longer appear on the Positions section,” BitMEX clarified.

Despite being included in the delisting effort, the price of Floki Inu (FLOKI) did not suffer. In fact, the memecoin has gone up approximately 3% for the past 24 hours (per CoinGecko), defying the overall bearish trend in the cryptocurrency market since the BTC ETF rumors turned out to be false.

The asset has been among the best-performing memecoins lately. While the largest ones by market capitalization – Dogecoin (DOGE) and Shiba Inu (SHIB) – have recorded minor gains in the past 30 days, FLOKI has surged over 15%.

FLOKI Price, Source: CoinGecko

Taking a Closer Look at the Memecoin Realm

Floki Inu is only one of the hundreds of memecoins that exist nowadays. Those assets have been quite intriguing for investors due to their enhanced volatility and potential for rapid price increases. However, individuals should keep in mind that some of them have little-to-no use cases and could present serious risks.

Readers willing to find out more about the biggest memecoins, their purposes, and specifics could take a look at our dedicated video below:

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