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Binance, the world’s largest cryptocurrency exchange, recently announced it would be removing Pepe (PEPE) from the list of borrowable assets on its Flexible Loans platform. This decision has been interpreted as an indication that Pepe is not meeting the high-quality and reliability standards expected by Binance for its users.
Removal of PEPE from Binance’s Loan List
In Binance’s announcement, it was specified that Pepe would be removed from the list of borrowable assets on the Flexible Loans platform, and the decision would be effective from 11:00 AM on June 21st. From the stated date, users will no longer be able to borrow in PEPE using the cryptocurrency exchange’s service.
Binance advised users to repay any outstanding PEPE loans before the deadline to avoid possible liquidation. In the event of a liquidation, a 2% liquidation fee will be charged.
Currently, Binance‘s Flexible Loans only support repayments in the same cryptocurrency borrowed by the user. This requires users to hold enough PEPE to be able to repay their loan debts on time.
Price Movement of PEPE
Although facing serious difficulties in recent weeks, PEPE, the third-largest memecoin with a market capitalization of $355.56 million, rose over 6% in the last 24 hours. Data reveals that the popular memecoin has lost 15.82% of its value in the past week.
After Binance’s listing announcement, PEPE reached its all-time high (ATH) on May 5, 2023, rising to $0.00004354. This surge marked a significant turning point for the altcoin and drew the attention of investors and speculators. However, with diminishing interest over time, PEPE lost about 80% of its ATH value.
On-chain data reveals that whales, or large-scale cryptocurrency investors, are shedding their PEPE, exerting more downward pressure on the altcoin’s price, indicating that the threat of decline continues.
