Binance, the largest cryptocurrency exchange globally, has expanded its support to two meme coins, namely PEPE and FLOKI, which were recently added to its Innovation Zone, on May 5. However, to everyone’s surprise, Binance went ahead and incorporated PEPE and FLOKI into all its products and services.
The Binace Announcement
On May 9th, Binance officially declared that Cross Margin now supports borrowing of PEPE and FLOKI. This implies that users can participate in cross-margin trading of these meme coins, subject to specific restrictions, collateral ratios, and rates.
Binance has launched FLOKI/USDT and PEPE/USDT as the latest cross-margin pairs, with the USDT pair representing the bulk of the trading volume for both assets. Binance has also broadened its Binance Flexible Loan offering by incorporating PEPE and FLOKI as new loanable assets.
This financing option is an isolated, open-term solution that enables individuals to hold their PEPE and FLOKI investments indefinitely, provided that the collateral and the borrowed cryptocurrencies, as well as the relevant (Loan-to-Value) LTV thresholds, are not exceeded.
Price Reaction for this Move
Binance has experienced a significant increase in trading volume after adding PEPE and FLOKI tokens. Michael van de Poppe, a well-known crypto analyst, predicts that the price of PEPE will drop further towards its support levels at $0.00000168 and $0.00000148 before beginning a rally.
Nonetheless, current indications suggest that the price has already rebounded from its support levels and is now trending upwards. Over the last 24 hours, PEPE’s value has decreased by 17%, resulting in a trading price of $0.00000197. The lowest and highest prices observed in the past day were $0.00000158 and $0.00000236, respectively.
The trading volume has increased, indicating a growing interest among traders. As for FLOKI, its current trading price is $0.0000359, which represents a 7% decrease over the past 24 hours. However, the cryptocurrency has seen a 10% increase in the last week. The 24-hour low and high prices were $0.000034 and $0.000038, respectively.