Binance Takes PEPE off Its Loan Product
Binance, the world’s largest bitcoin (BTC) trading platform and a pioneer in the blockchain ecosystem, has decided to discontinue support for PEPE as a lendable asset in its Flexible Loan product. This announcement has sparked waves of reactions across the cryptocurrency landscape.
The exchange has set a hard cutoff of 08:00 UTC on June 21 for the closure of all outstanding PEPE loan positions. Users are therefore advised to repay any outstanding PEPE loans before this date to avoid getting liquidated. The Binance Flexible Loan is a unique, overcollateralized, open-term product that allows crypto holders to secure isolated loans using their crypto assets.
PEPE Price Movement Amid Delisting News
The PEPE meme coin, which launched merely three months ago, has gained tremendous traction on the cryptocurrency market. Its swift rise to a $1 billion market cap within weeks of its launch echoes the fast-paced world of cryptocurrency.
Last month, BlackRock Fund, an investment branch of BlackRock, pulled out $1.98 million worth of PEPE from Binance. Despite this withdrawal and the delisting announcement, PEPE’s price has seen a 7.6% increase in the last 24 hours. It currently trades at $0.00000097, with a 24-hour trading volume of $192 million and a market cap of $381 million, as per CoinGecko.
However, the meme coin has seen a significant price drop in the past week, with a 23.5% decrease. Compared to its all-time high of $0.00000431 in May 2022, PEPE’s current price signifies a staggering 79.35% decline. Despite its volatile journey, PEPE coin continues to be an intriguing player in the crypto world.
Concluding Remarks
Binance’s move to delist PEPE coin from its Flexible Loan product is indicative of the volatility and dynamic nature inherent in the cryptocurrency market. While PEPE coin soared to impressive heights shortly after its launch, its recent downturn and the move by Binance underline the uncertainties in the meme coin segment of the crypto market.
The discontinuation of PEPE as a borrowable asset in Binance’s Flexible Loan product further underscores the prudence required when dealing with highly volatile digital assets. Users with outstanding PEPE loans are urged to adhere to Binance’s repayment schedule to avoid liquidation.
As the world of cryptocurrency continues to evolve, users and investors must stay informed and adaptable. Binance’s delisting of PEPE is a reminder that, in this innovative financial landscape, change is the only constant. Whether this move will set a precedent for other exchanges or impact the future of meme coins like PEPE remains to be seen.
