In a surprising turn of events, Binance, one of the leading cryptocurrency exchanges, has made the decision to delist PEPE as a borrowable asset on its Flexible Loan platform. This announcement is part of the platform’s ongoing efforts to maintain a standard of high-quality, reliable assets for its users – a standard that PEPE now appears unable to meet.
The official statement released by Binance explains that the delisting will take effect on June 21, 2023, at 08:00 (UTC). From this point, users will no longer be able to borrow PEPE via the Flexible Loan platform. To steer clear of potential liquidation, users with outstanding loans are strongly advised to repay these before the specified deadline. Keep in mind that a 2% liquidation fee will be charged on applicable cases of liquidation.
For those wondering about the repayment process, in this case, the Binance Flexible Loan only supports repayments made in the same cryptocurrency that was borrowed. As such, users will need to obtain the necessary PEPE funds to repay their loans promptly.
PEPE’s recent price action has not instilled confidence, either. As the third-largest cryptocurrency by market capitalization ($355,560,514), it has recently encountered market setbacks, experiencing a 15.82% decline in just one week. Despite the coin’s value increasing by 3.29% over the past 24 hours, it faces ongoing volatility, causing some to wonder if a bearish trend is in the cards for PEPE.
It is worth noting that on May 5, 2023, the price of PEPE reached its all-time high of $0.00004354 per coin, coinciding with Binance’s listing announcement. This achievement garnered significant interest from investors and enthusiasts alike. Unfortunately, since this peak, PEPE has witnessed a dramatic downturn, losing a staggering 79.11% of its value.
Various reports suggest that large-scale investors, or “whales,” have been unloading their PEPE holdings, further pressuring the coin’s value. One recent example covered by CoinGape highlighted a whale who sold all their PEPE holdings at a 52% loss, while another instance of a whale suspected of insider trading also dumped all their PEPE tokens.
This volatile situation serves as a reminder to perform thorough market research before investing in cryptocurrencies. Authors and publications cannot be held liable for personal financial losses incurred as a result of market fluctuations. While the delisting of PEPE may be disconcerting for some, it is crucial to remember the ever-changing landscape of the crypto market, and with it, the potential for new opportunities and challenges.
Source: Coingape
