The world’s largest crypto exchange, Binance, continued its expansion of support for meme coins on Monday, with the native token SUI of Sui Network and PEPE meme coin receiving the latest nod. Binance announced new isolated margin pairs for PEPE and SUI and introduced UMA as a borrowable asset on Cross Margin. Following listings by Binance, prices of both PEPE and SUI experienced significant gains, prompting other crypto exchanges to follow suit in listing these tokens.
Binance’s addition of UMA to cross-margin trading, as well as the new isolated margin pairs for PEPE (against TUSD) and SUI (against TUSD), highlight the exchange’s ongoing focus on supporting meme coins. Despite listing PEPE and FLOKI in its Innovation Zone, Binance has remained more cautious when it comes to the Shiba Inu’s gas token, BONE. The exchange recently removed SHIB from its Innovation Zone but continues to restrict its trading in some ways.
Following the listing of PEPE and SUI, total trading volume on Binance surged, with both meme coins receiving attention even from billionaire Elon Musk. PEPE’s price, while experiencing an 8% decline within the last 24 hours, is currently trading at $0.00000165. According to popular crypto analyst Michael van de Poppe, if PEPE price holds above $0.00000173, it could head towards $0.00000240, but if it falls below that threshold, traders should look to short with a long target of $0.00000085.
On the other hand, SUI’s price is trading at $1.23 with a 5% increase in the past 24 hours. This wide-ranging price variance showcases the volatility of these meme coins and calls into question their long-term viability. Critics of meme coins argue that they undermine the broader blockchain and cryptocurrency industry by promoting coin prices based on emotion and social media trends, rather than any inherent value or utility.
As Binance continues to bring meme coins into the fold, such as PEPE and SUI, it broadens its appeal and liquidity to accommodate the increasingly large community of traders speculating on these types of assets. While the inclusion of less serious assets like meme coins generates more interest in the cryptocurrency market, it simultaneously enriches the wider crypto-asset ecosystem.
Ultimately, the pros and cons associated with meme coins remain a topic of heated discussion within the crypto community. The ability of these tokens to bring in more traders and investors versus their potential as short-lived, unreliable assets compels analysts and enthusiasts alike to ponder the long-term impact of these tokens’ presence in the ever-evolving landscape of the cryptocurrency market.
Source: Coingape
