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In a recent announcement, Binance, one of the world’s largest cryptocurrency exchanges, revealed that it has delisted PEPE as a borrowable asset on its Flexible Loan platform. The decision comes as part of Binance’s ongoing efforts to ensure the availability of high-quality and reliable assets for its users, which PEPE is not able to fulfill.
Binance Loan Delisting and Repayment Deadline
According to the official statement released by Binance, the delisting of PEPE as a borrowable asset on the Flexible Loan platform will take effect on June 21, 2023, at 08:00 (UTC). This means that users will no longer be able to borrow PEPE through this service.
To avoid potential liquidation, users are strongly advised to repay any outstanding loans before the mentioned deadline. It is worth noting that a 2% liquidation fee will be imposed on applicable cases of liquidation.
Binance Flexible Loan currently supports repayments only in the same cryptocurrency that was borrowed by the user. In this case, users should have need to ensure they have the necessary PEPE funds to repay their loans in a timely manner.
PEPE Price Action- Bearish?
PEPE with third lrgest market capitalization, currently at $355,560,514, has faced some challenges in the market recently. The price of pepecoin has experienced volatility, with a 0.42% increase in the past hour and a 3.29% increase over the last 24 hours. However, the coin has faced a downturn of 15.82% over the past week.
On May 5, 2023, Pepecoin price reached its all-time high, achieving a value of $0.00004354 per coin, when Binance announced listing of the meme coin.. This marked a notable milestone for the cryptocurrency, attracting interest from investors and enthusiasts. However, since then, PEPE has faced a substantial downturn, with its value plummeting by an alarming 79.11%.
Reports indicate that whales, or large-scale investors, have been dumping their PEPE holdings, adding further downward pressure on the coin’s price. CoinGape covered recently how a whale old all of their PEPE holdings at 52% loss and another whale speculated of involved in insider training also dumped all his PEPE tokens.
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