Binance’s Flexible Loan Service Drops PEPE Coin

Sahana Kiran
Source – New York Magazine

The fervor around the meme coin, PEPE, exceeded initial expectations. Individuals who had previously missed out on the trajectory of Shiba Inu [SHIB] decided to jump onto the PEPE bandwagon. Numerous exchanges also showed their support for the asset. However, the excitement has been short-lived as the meme coin faced unfavorable volatility in the market. Consequently, the repercussions of this situation began to unfold, impacting the overall sentiment and performance of PEPE.

In a recent development, Binance, the world’s largest crypto exchange, made the decision to take a step back from the meme coin. In a blog post released today, the exchange stated that its Flexible Loan service will no longer include support for PEPE. As a result, the asset has been delisted as an available option for borrowing.

All the outstanding PEPE loan positions will be closed on June 21, 2023. The post further read,

“Users are strongly advised to repay their outstanding PEPE loans before 2023-06-21 08:00 (UTC) to avoid any potential liquidation. A 2% liquidation fee will apply, where applicable.”

At present, Binance’s Flexible Loan service will only facilitate repayments in the crypto that was borrowed by the user.

Is Pepe Coin dead?

As previously mentioned, the meme coin quickly gave rise to a significant number of millionaires. However, the current situation has taken a different turn, with the asset no longer delivering returns. Instead, the narrative has shifted, as numerous addresses have been selling their holdings at a loss.

Furthermore, data from IntoTheBlock showed a decline of 9.63% in the asset’s large transaction volume, which currently stands at $11.26 million. The number of active addresses within the PEPE network was also relatively low, with only 2.15K wallets being observed at press time.

Despite its recent struggles, the asset managed to experience a 12% surge and was being traded at a price of $0.0000009433. However, compared to its all-time high of $0.000004354, PEPE was still down by 78%. This significant decline in value caused 72% of its holders to face losses.