Important Binance Notice Affecting PEPE Traders: Details

TL;DR

Binance announced another delisting effort, this time with PEPE and two other altcoins. The price of the frog themed tile has dropped daily. Its withdrawal could be a result of the Binance announcement and the recent bloodbath in the meme coin industry.

Removal of these pairs

The world’s largest crypto exchange regularly reviews all pairs on its platform “to protect users and maintain a high-quality trading market.” As such, it withdraws some due to various factors such as poor liquidity and trading volume.

Based on its latest assessment, Binance will cancel the following spot trading pairs: PEPE/TUSD, DCR/BTC and ZEN/ETH. The effort will go into effect on December 13.

“Delisting a spot trading pair does not affect the availability of tokens on Binance Spot. Users can still trade the base of the spot trading pair and trade assets on other trading pairs available on Binance,” he said. clarify the company.

Delisting launched by a major exchange like Binance usually has a negative effect on the underlying cryptocurrencies due to reduced liquidity, reputational damage and other reasons. Frog-themed meme coin Pepe (PEPE), for example, is down 7% on a daily basis. DCR is down 4%, while surprisingly, ZEN is up 2%.

PEPE Price, Source: CoinGecko

It’s worth mentioning that PEPE’s poor performance could also be related to the massive red wave that has been going through the entire meme coin sector recently.

In any case, PEPE’s price drop could have been much more substantial if Binance had decided to completely remove it from its platform. Recall that altcoins Rupiah Token (IDRT), Keep3rV1 (KP3R), Ooki Protocol (OOKI) and Unifi Protocol DAO (UNFI) collapsed by double digits in November when the company canceled all services with them .

February saw a similar price drop when Binance suspended trading services for Monero (XMR) and three other altcoins. The well-known privacy token experienced a decline of more than 20% shortly after the news.

The opposite effect

On the other hand, when cryptocurrencies are added to Binance, their prices are often positively affected due to increased accessibility, increased market confidence, and other factors.

In November, the company introduced PONKE/USDT perpetual contracts, which allow up to 75x leverage. The price of Solana-based meme coin PONKE shot up 15% minutes after the disclosure.

Simon’s Cat (CAT) experienced an even more significant rally in October when Binance launched 1000 CATUSDT perpetual contracts in its futures program.

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