The world’s largest crypto exchange Binance recently made headlines as it added SUI, FLOKI, and PEPE to Binance Convert, allowing users to trade these newly introduced tokens against BTC, USDT, and other supported cryptocurrencies.
For those unfamiliar with Binance Convert, this tool enables users to instantly buy or sell cryptocurrencies without placing orders on the trading interface. It has become quite popular among users, who prefer it over Spot trading due to benefits such as zero fees, low cost and secured rates during large orders, minimum order size, and sufficient liquidity.
Adding SUI, FLOKI, and PEPE to Binance Convert came after an official announcement on May 8th, following a recent listing of these tokens on the crypto exchange as per the community’s request. Both PEPE and FLOKI experienced significant buying from whales and investors, resulting in a sharp price increase. However, the hype surrounding these tokens subsided following profit booking and the realization among some whales that they hold trillions of tokens.
The integration of these tokens into Binance Convert allows users to easily convert their tokens to other cryptocurrencies or fiat and vice versa, all without any fees. To use Binance Convert, one simply needs to visit the Binance website or open the Binance App on their mobile device.
This development came on the heels of Binance’s temporary suspension of market order functions for cryptocurrencies, including Shiba Inu (SHIB), FLOKI, and PEPE. This move was likely due to the volatility and risks associated with trading meme coins. At the time of writing, the price of PEPE is down 11% to $0.00000231 after a massive rally in recent days, while FLOKI is 4% lower at $0.0000374.
Meanwhile, concerns arose regarding large Bitcoin outflows from Binance, with the total exchange outflows from crypto exchanges amounting to 200k. Binance reportedly had an exchange outflow of 190k worth nearly $5.5 billion, according to CryptoQuant data.
However, the actual exchange outflow from Binance is far lower as the platform takes several measures, such as wallet transfers and enabling the Bitcoin Lightning network to resume BTC withdrawals. Additionally, these outflows are primarily movements between Binance’s hot and cold wallets due to BTC address adjustments.
In conclusion, Binance’s integration of SUI, FLOKI, and PEPE into its Convert feature is a welcome move for users looking to diversify their portfolios and trade without the need for traditional order placement. However, caution should be exercised as market volatility remains high, especially surrounding meme coins.
Source: Coingape
