Binance, the world’s largest crypto exchange by trade volume delists PEPE today from its Flexible loan program. The crypto firm made this known in an announcement on its official website on June 16.
In a recent development, Binance has removed the trending memecoin PEPE as a borrowable asset from its Flexible Loan service. For context, the program is an isolated, overcollateralized, and open-term loan. With Binance Flexible Loan, users can take up isolated loan positions that are made up of one collateral-loan pair each.
According to the announcement, the delisting will happen on 2023-06-21 at 08:00 (UTC). At this time, Binance will close all outstanding PEPE loan positions. Furthermore, users are advised to pay up all outstanding loans before the given time to avoid liquidation.
Binance made it known that a 2% liquidation fee will apply to users who get directly liquidated. Although PEPE is being delisted from the program as a borrowable asset, Binance reassures its borrowers that the loan program still supports repayment in the same cryptocurrency borrowed. This means that users can still repay their loans using PEPE.
Related Reading: PEPE Memecoin: The new king of the Memes?
Since PEPE’s launch in April 2023, it has grown in popularity and constantly remained among the top trending cryptocurrencies in the market. While some investors see the potential for the PEPE coin to become the next king of the meme others classify it as a scam project with no real-life use case.
Within a short period of its launch, the coin quickly rose to the ranks of the top 100 cryptocurrencies in the market. Also, it only took 19 days from launch for its market cap to reach $1 billion. This astonishing achievement is not common in the crypto world. However, PEPE has been performing poorly in the market recently. It has currently lost over 90% of the gains it has gathered since its launch.
PEPE price today
According to live data from CoinMarketCap, the price of PEPE today is $0.000000936. The price is up 10.05% in the last 24 hours. What’s more, PEPE is ranked #88 on the CoinMarketCap chart with a live market cap of $367,250,744 ($367 million).
