Solana
PEPE, SOL, ETH Receive Major Support From Binance, Will Prices Rise?
Binance has announced major updates for cryptocurrencies like Ethereum, Solana, and Pepe Coin, among others. This news has sparked speculation about a possible price hike for these assets.
Typically, positive comments from major cryptocurrency exchanges tend to boost asset prices, while negative comments can have the opposite effect. So, let’s take a closer look at the announcement and see how cryptocurrencies are performing in this context.
Binance Strengthens Support for PEPE, SOL, and ETH
Binance is introducing new trading pairs and trading bot services, according to the latest announcement. Starting July 18, 2024, it will open trading for BNX/TRY and ETH/ARS pairs. Additionally, the exchange is offering zero creation fees for the ETH/ARS pair for an indefinite period to attract more traders.
This initiative aims to expand trading choices and improve user experience. In addition, the leader cryptocurrency exchange also enables Trading Bots services for multiple pairs. Spot Grid and Spot DCA bots will be available for BNB/USDC, PEPE/USDC and SOL/USDC.
Additionally, Spot Algo orders will be enabled for BNX/TRY and ETH/ARS. These automated trading options can help users optimize their strategies and potentially increase their returns.
Meanwhile, in the announcement, the exchange clarified that standard trading fees will apply once the Zero Maker Fees promotion ends for the ETH/ARS pair. Furthermore, it also highlighted its strict measures against dishonest behavior, such as wash trading or market manipulation. The exchange reserves the right to disqualify users involved in such activities.
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How are PEPE, SOL and ETH performing?
The introduction of new trading pairs and bot services could have a significant impact on the prices of the relevant cryptocurrencies. Historically, new offers and promotions of best cryptocurrency exchanges Cryptocurrencies like Binance tend to attract increased trading activity. This can lead to higher demand and potentially drive up prices.
The inclusion of Ethereum (ETH), Solana (SOL), and Pepe Coin (PEPE) in these updates is particularly noteworthy. These assets have a significant following and are closely watched by investors. Notably, the ETH/ARS trading pair, with its Zero Maker Fees promotion, could see an increase in trading volume.
However, despite Binance’s positive announcement, cryptocurrency prices have not shown any positive performance today. At the time of writing, Pepe Coin Price fell more than 2% to $0.00001176, while its trading volume also fell 40% to $1.4 billion.
Simultaneously, Ethereum Price also fell 1.5% and traded near the $3,400 level, while Solana Price The stock price fell 2.5% to $156. Several market experts attributed the recent declines to the latest cryptocurrency market rally. It seems that some investors are adopting the profit-taking strategy, which is impacting cryptocurrency prices.
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