Binance delists PEPE from its loan product
Binance has announced the delisting of the PEPE meme coin from its Flexible Loan product. The company has advised users to repay all outstanding PEPE loans before June 26 to avoid potential liquidation.
Binance, the world’s largest bitcoin (BTC) trading venue and leading blockchain ecosystem, has relinquished support for PEPE as a borrowable asset in its Flexible Loan product.
The exchange announced that all outstanding PEPE loan positions of Binance’s Flexible Loan market participants will be closed at precisely 08:00 UTC on June 21. Users are required to repay their outstanding PEPE loans before that date to avoid getting liquidated.
The Binance Flexible Loan is an isolated, overcollateralized, open-term product that allows users to secure isolated loans with their crypto holdings.
PEPE price movement
Pepe, a meme coin launched barely three months ago, has quickly become one of the most traded digital assets on the market. It hit a market capitalization of $1 billion just a few weeks after going live, a feat that took its counterpart, dogecoin (DOGE), years to achieve.
BlackRock Fund, an investment fund from the stables of BlackRock, last month withdrew $1.98 million worth of PEPE from Binance.
PEPE is exchanging hands for $0.00000097 at the time of writing. It represents a 7.6% increase in the last 24 hours. PEPE has a 24-hour trading volume of $192 million, with a market cap of $381 million, according to CoinGecko.
Despite its recent resurgence, the price of PEPE has been down by a whopping 23.5% in the last seven days. PEPE’s current price represents a 79.35% decline from its all-time high of $0.00000431 in May 2022.