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Binance Unveils Major Backing For Bitcoin Staking Protocol Babylon, Here’s All

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4 days ago

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Cryptocurrency exchange giant Binance has captured significant investor attention with its latest announcement on the Bitcoin staking protocol, Babylon (BABY). On Saturday, April 5, the exchange revealed in an official announcement that users remain poised to partake in BABYUSDT perpetual contract trading shortly ahead. Mentioned below are some vital details market participants should know as they look to capitalize on such emerging market opportunities.

Binance Announces Futures Listing For Babylon

An official release by the crypto exchange revealed that its ‘Futures’ division is adding a BABYUSDT perpetual contract to its stockpile of offerings. Starting today at 13:30 UTC, the platform’s colossal user base can avail of this trade offering with up to 5x leverage.

Moving on to other details, the capped funding rate for this project was at +2.00% / -2.00%. Babylon is a Bitcoin staking protocol that permits users to stake their BTC in exchange for earning rewards.

Why Did Binance Add BABYUSDT?

According to the CEX’s announcement, this decision comes primarily to expand the list of trading choices offered to users on the platform. The crypto exchange titan continues to cement its global ranking by tapping into emerging markets across the globe.

What’s More?

Binance added that it will apply the ‘Mark Price’ methodology for the asset’s pre-market futures trading period. Notably, the BABYUSDT perpetual contract is a pre-market futures contract where the price is calculated strategically. Traders can move on to the official announcement to know more about ‘Mark Price.’

“Pre-market perpetual futures contracts will be converted to standard perpetual futures contracts when a stable index price can be derived from the spot market,” the top exchange clarified. Further, the pre-market trading end will be announced separately to avoid user misunderstanding.

Altogether, the enhanced market support for the Bitcoin staking protocol has captured noteworthy attention towards the project as one of the top crypto exchanges supports it.

Recent Listings On Binance Gain Traction

Simultaneously, it’s worth pointing out some other recent listings on the leading crypto exchange. CoinGape recently reported that the exchange listed Broccoli, TUT, and other 4 crypto and offered support to their market dynamics.

On the other hand, the CEX again sidelined the Pi Network listing despite the crypto’s burgeoning popularity. Crypto market watchers extensively eye the exchange’s trade offering updates in order to capitalize on emerging market opportunities.

Some other new and upcoming listings on Binance include Hyperliquid, Mantle, and Kaspa, among many others.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Shiba Inu Burn Rate Shoots Up 1500%, Can SHIB Price Recover After Bloodbath?

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42 minutes ago

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April 9, 2025

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Shiba Inu burn rate has once again surged 1500%, offering some support to the meme coin despite the ongoing market volatility. On Wednesday, April 9, burn data suggested that roughly 34 million coins were removed from the token’s circulating supply. In turn, crypto market watchers speculate whether a SHIB price recovery to previous highs is even possible amid broader uncertain trends.

Notably, the renowned dog-themed meme coin has erased over 50% of its value since the beginning of this year to date. TradingView data shows that the meme crypto’s price slammed from a $0.00002 level to a $0.00001 level since January.

SHIB PriceSHIB Price
Source: TradingView

Here’s Why The Latest Shiba Inu Burn Data Sparks Optimism

Official tracker Shibburn’s data revealed that 34.21 million Shiba Inu tokens were burnt in the past 24 hours. As an upshot, the SHIB burn rate surged 1538% intraday.

Shiba Inu Burn DataShiba Inu Burn Data
Source: Shibburn site

Notably, crypto market participants eye this event as a bullish price dynamic. Economic principles reveal that the price braces for a bullish impact should the supply take a severe hit. Following this principle, traders and investors are expecting a recovery-like price trajectory ahead.

Simultaneously, the total number of coins removed from the meme crypto’s circulating supply to date totals 410.73 trillion tokens. Besides, 584.36 trillion tokens still remain in circulation.

Meanwhile, SHIB burn metrics indicated that the wallet address “0x541f60e5576” was responsible for the lion’s share that caused today’s burn rate upswing. This address single-handedly burnt 17.13 million tokens, per the burn data.

Can SHIB Price Recover? Top Analyst Stays Bullish Despite Volatility

The recent Shiba Inu burn rate surge has failed to fuel a price pump as the meme coin traded down over 5% intraday, resting at $0.00001093. Notably, the price fell from a high of $0.00001143 in the past 24 hours, raising market concerns. Traders and investors are left scratching their heads as the price wanes despite bullish support due to the burn.

Also, the weekly and monthly price charts show a dip of 10% and 12%, respectively. This broader waning price action is primarily attributable to the market facing macro heat due to Donald Trump’s tariffs and trade war tensions. Nevertheless, a top analyst has retained his bullish stance for the token.

Crypto analyst Javon Marks revealed that SHIB token’s price has a potential for a +550% upside movement, although it remains vital for the broader market to digest current tensions. The analyst has been asserting for a couple of months that a $0.000081 target remains unchanged for the meme coin. This bullish prediction has turned heads market-wide, although a recovery for such a feat to occur remains vital.

The chances of a price recovery to previous highs primarily depend on the abovementioned factors, such as constant Shiba Inu burns and macro support to risk assets. As of now, traders and investors continue to keep the meme coin on their radars, expecting a price action shift in tandem with broader trends.

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Why Is XRP Price Falling After ETF Hype?

Published

10 hours ago

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April 8, 2025

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As the first XRP ETF hit the markets, prices have not gone according to the predictions of investors, sparking a wave of worry. XRP price hovers around the $1.81 mark as the hype around the XXRP ETF begins to wane.

XRP Price In Steep Decline Following ETF Launch

According to CoinMarketCap data, XRP price has taken a major hit following the launch of the first-ever XRP ETF in the markets. XRP tumbled by nearly 5% over 24 hours to trade at $1.81 despite the hype around the launch of an XRP ETF.

Teucrium Investment Advisors rolled out its leveraged XRP ETF, offering investors double the exposure to XRP. The leveraged ETF, with the ticker XXRP, failed to force a rally for XRP with several theories swirling for the decline in XRP price.

Odd ETF Douses Market Enthusiasm

The nature of the XRP ETF contributes to its lukewarm market reaction on launch day. The leverage ETF rolled out without the SEC’s approval of a spot ETF leaving market participants scratching their heads.

Bloomberg market analyst Eric Balchunas described the ETF as “very odd,” contributing to a tepid reception. Historically, spot-based ETFs have had seismic effects on prices, with Bitcoin and Ethereum spot ETFs triggering double-digit rallies.

Despite falling XRP prices, the approval of a spot-based ETF will trigger a strong rally for the asset compared to the leveraged offering.

Broader Market Selloff Is Impacting Prices

A glance at the cryptocurrency charts reveals a steep decline across the board for asset prices. Bitcoin price continues to trade well below the $80K mark while Ethereum has tumbled by nearly 6% over the last day.

The decline of the top two largest cryptocurrencies has dragged other altcoins underwater. XRP price is not the only one roiling under increased sell pressure, with ADA, SOL, and BNB facing bearish sentiments. The US-China trade war is stoking increased selling pressure for cryptocurrencies amid reciprocal tariffs.

Speculative Run-up For XRP

Another reason for the XRP price decline following the ETF launch is profit taking. Since reports of an imminent XRP ETF launch went mainstream, the asset experienced increased buying activity from investors.

There is speculation that the price decline is tied to traders “buying the rumor and selling the news.” This trading strategy leads to a correction in the face of positive fundamentals for an asset. Ripple’s acquisition of Hidden Road for $1.25 billion failed to trigger a reversal for the asset’s price.

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Aliyu Pokima

Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Developer Advocates For Pi Network Community To Launch Liquidity Pool To Stablilize Pi Coin Price

Published

16 hours ago

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April 8, 2025

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Amid frantic calls for a masterstroke for Pi Network price stability, one developer is picking up the gauntlet to launch a decentralized solution. The plan, a community-driven liquidity pool (CDLP), has received widespread support from the Pi Network community, stoking belief for an imminent launch.

Developer Urges Pi Network Community To Proceed With Community-Driven Liquidity Pool (CDLP)

The pseudonymous Satoshi Nakamoto has confirmed plans to proceed with the launch of a CDLP for Pi Network. According to an X post, the developer disclosed that the launch plans come on the heels of overwhelming community support for the initiative after a poll.

The CDLP, a decentralized price stabilization mechanism, involves Pi Network community members purchasing a fixed amount of Pi coins each month. Using the dollar-cost averaging (DCA) strategy, the steady purchases will create a decentralized liquidity pool with Pi coins controlled solely by investors.

Nakamoto shared a poll to gauge community opinion on the initiative on X, with 69% of votes supporting the idea. Going forward, the developer plans for the CDLP are underway, a valiant attempt to prevent steep price drops.

“Based on the results of the previous vote, we are officially establishing the CDLP community framework,” said Nakamoto.

He adds that the next phase will be the appointment of moderators for the CDLP from the Pi network community. While details for the framework are sparse, Nakamoto notes that the CDLP’s operation will follow the core principles of stabilizing the Pi price.

What Is The End Goal For The CDLP?

While the primary purpose of the CDLP is to stabilize the Pi coin price from sharp drops, Nakamoto says the initiative will have a far-reaching impact. He adds that a stable Pi price will provide a conducive atmosphere for developers to thrive.

Furthermore, businesses will be incentivized to accept Pi as a payment method, broadening its reach beyond Southeast Asia. In his submission, long-term Pi holders will receive rewards from Pi ecosystem projects and decentralized applications (DApps).

“As the community grows, Pi will become an increasingly adopted medium of payments and transactions,” added Nakamoto.

Community members like Dr Altcoin have called on the PiCoreTeam (PCT) to take decisive action to stabilize Pi Coin. Furthermore, Dr Altcoin suggests burning Pi tokens locked up in foundation wallets.

After a steep decline that saw the price lose 19% over the last week, the Pi price is recovering with optimists eyeing a rally beyond $3. Pi Network price currently hovers around $0.5 but the broader crypto market selloff threatens its recovery.

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Aliyu Pokima

Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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