Things are no longer getting funny for the popular meme coin Pepe after a major crypto exchange announced they would be delisting it as a borrowable asset. After the delisting announcement, Binance, the biggest crypto exchange in the world, dealt a massive blow to the sensational meme coin Pepe.
Ever heard of the Binance Flexible Loan program? It's a program offered by Binance, the crypto exchange that enables users to take isolated loan positions.
In their blog post announcement, Binance declared Pepe would be delisted from this loan program starting from the 21st of June. They also said that within this period, they want their users to close their positions on Pepe involving the Binance Flexible Loan program. If you have any open positions on Pepe at the Binance Flexible Loan program, you might as well move twice as fast and close them.
Of course, there's another call to action in Binance's announcement. They want users who took up any Pepe loan with their program to pay up to avoid direct liquidation from the crypto exchange. Yes, Binance isn't joking with this call to action, as they have promised to take about a 2% liquidation fee from users who fail to pay up their loans within the stipulated period.
"At 2023-06-21 08:00 (UTC), Binance Flexible Loan will close all outstanding PEPE loan positions. Users are strongly advised to repay their outstanding PEPE loans before 2023-06-21 08:00 (UTC) to avoid any potential liquidation. A 2% liquidation fee will apply, where applicable," Binance said.
It's essential for you to know that Binance is only removing the Pepe token from their Binance Flexible Loan program, which may cause some confusion. It's worth noting that their announcement about Pepe doesn't necessarily mean they will remove the token completely from their platform.
Today, things haven't gotten bad to warrant the delisting of the meme coin from the loan program. In fact, Binance told their customers in the announcement that they would accept the repayment of these loans with the same Pepe tokens.
"Currently, Binance Flexible Loan only supports repayments in the same cryptocurrency borrowed by the user," the crypto exchange added.
The Rise and Fall of Pepe Token
The Pepe token Binance saga reminds us how quickly the tide changes. The Pepe token recently emerged as a prominent contender in the crypto industry, surpassing even popular meme coins like Dogecoin and Shiba Inu. At its peak, the Pepe token's price was predicted to reach $1, but its current value is not noteworthy.
During the Pepe meme coin launch, you could call it an instant success, and you won't be wrong. The success of this meme coin was so massive that it had higher daily trading volumes than some popular altcoins.
Within days of launching the token, the Pepe meme coin made the list of the top 100 cryptocurrencies by market capitalization. Those who invested early into the token became millionaires within weeks of the Pepe token. But unlike the launch of this token, the decline of this token was less fast, although it was steady.
There were reports of massive insider selling out, and now, Binance has just kicked it out of their Binance Flexible Loan program. Will more problems come for Pepe token way? Well, we're going to find out.