The enthusiasm surrounding the meme cryptocurrency PEPE surpassed initial expectations. Individuals who had missed out on the Shiba Inu [SHIB] craze decided to join the PEPE trend. Several exchanges also expressed their backing for the token. However, the excitement quickly faded as PEPE faced unfavorable market volatility. Consequently, the consequences of this situation began to unfold, impacting the overall sentiment and performance of PEPE.
In a recent update, Binance, the world’s largest cryptocurrency exchange, made the decision to distance itself from the meme coin. In a blog post published today, the exchange announced that its Flexible Loan service would no longer support PEPE. Consequently, the asset has been removed from the list of available options for borrowing.
On June 21, 2023, all existing loan positions related to PEPE will be terminated. The announcement also included the following statement:
“Users are strongly recommended to repay their outstanding loans associated with PEPE prior to 2023-06-21 08:00 (UTC) to prevent any potential liquidation. In cases where applicable, a 2% liquidation fee will be imposed.”
Currently, Binance’s Flexible Loan service exclusively supports loan repayments in the cryptocurrency that was initially borrowed by the user.
The Fate of Pepe Coin
As mentioned earlier, the PEPE coin initially led to the emergence of a substantial number of individuals who became millionaires. However, the present circumstances have taken a different trajectory, with the PEPE coin no longer generating profits. Instead, the narrative has changed, as numerous holders are now selling their holdings at a financial loss.
Additionally, data provided by IntoTheBlock indicated a decline of 9.63% in the volume of large transactions associated with the asset, which currently stands at $11.26 million. Furthermore, the number of active addresses within the PEPE coin network was relatively low, with only 2.15K wallets observed at the time of reporting.
Despite its recent struggles, the asset did manage to experience a 12% surge, with a trading price of $0.0000009433. However, when compared to its all-time high of $0.000004354, PEPE’s value remained down by 78%. As a result, 72% of its holders were facing losses due to this substantial decline in value.