Binance, the world’s largest crypto exchange, announced on Saturday that it will suspend market order functions for selected spot and margin trading pairs starting from May 7 until further notice. The most affected cryptocurrencies include Shiba Inu (SHIB), FLOKI, and the highly hyped meme coin PEPE.
Binance recently listed FLOKI and PEPE meme coins on the exchange after witnessing strong demand from its users. Following the listing, FLOKI’s price soared by 40%, while PEPE skyrocketed by 60%. Such price movements raise questions about the role of hype and speculation in the volatile world of cryptocurrency trading.
The suspension of the “Market Order – Total” feature for selected trading pairs comes as a surprise move to some users. While manual input for “Market Order – Amount” will still be available, the “Total” and “Slider for Amount Customization” will not be accessible when placing market orders.
The ongoing popularity of meme coins like Shiba Inu, FLOKI, and PEPE has raised concerns about market volatility and the risks associated with trading these assets. The restrictions on Binance’s market order functions are likely being implemented as a response to these concerns.
With this move, Binance might be attempting to maintain a balance between supporting popular trading assets and protecting its users from potential risks. Although listing new coins and tokens can lead to increased trading activity, crypto exchanges must consider the possible consequences for their users.
Following their listing on Binance, FLOKI and PEPE have experienced heavy trading volume. FLOKI reached a high of $0.0000548 but is now trading at $0.0000435. PEPE’s price climbed 60% in the last 24 hours but has since seen a slight decline as certain whale investors sell their holdings.
SHIB’s price is down 2% in the last 24 hours and 6% over the past week at $0.0000097. Many traders seem to be selling SHIB and other meme coins in favor of trading PEPE and FLOKI.
Whether Binance’s restrictions on market order functions for these meme coins will help stabilize the market remains to be seen. However, it is a reminder for investors to exercise caution and conduct thorough research before entering the world of cryptocurrencies, especially when dealing with volatile assets like meme coins.
In conclusion, addressing the risks and volatility in meme coin trading is essential in ensuring a stable and secure trading environment. Binance’s move to suspend market order functions for specific coins highlights the exchange’s willingness to take action in favor of user safety, even if it means limiting trading options. Despite the excitement surrounding meme coins, it is crucial for investors to remain vigilant and perform due diligence when exploring these highly speculative investments.
Source: Coingape
