Memecoins
This popular meme coin receives additional support from Binance: details
TL;DR
- Binance has expanded its trading options with new pairs, although availability depends on users’ region.
- The exchange will delist several existing pairs on June 14, advising customers to upgrade or delete their Spot Trading Bots to avoid potential losses.
Another Binance update
The world’s leading cryptocurrency exchange continues to expand its list of trading options to respond to recent market trends and improve user experience. On June 13, it added WIF/EUR, NOT/BRL, and TRU/TRY to Binance Spot. Furthermore, the company allowed Trading Bots services for the above pairs.
Binance noted that the new offerings are “subject to eligibility” based on customers’ country or region of residence. Users located in the United States, Canada, Cuba, Crimea, Iran, North Korea, and others are among those restricted.
The popular meme coin – dogwifhat (WIF) – saw a slight recovery shortly after the announcement before heading south again. It is currently trading at around $2.50, which represents a 10% decline on a 24-hour scale.
The Solana-based meme coin saw a much more substantial price increase when Binance first announced its support in January this year. So, the company launched WIF/USDT perpetual contracts, followed by an ATH for the asset (at that time) of approximately $0.45.
Other exchanges that have enabled trading services with WIF in recent months include BybitKraken, BitMEXCoinbase and more.
Previous amendments
In addition to adding new trading pairs, Binance periodically removes some existing ones for reasons such as low liquidity. Earlier this week, it announced will discontinue services on the following: ALPACA/BTC, NFP/TUSD, MDX/BTC, QUICK/BTC and XAI/BNB. The delisting will take effect on June 14.
“Users are strongly advised to update and/or delete their Spot Trading Bots prior to the termination of Spot Trading Bots services to avoid potential losses,” the exchange warned.
Most of the affected assets saw little to no price volatility in the hours following the disclosure. Typically, a major collapse occurs in case you stop all services with a certain token and do not remove only some pairs.
This was the case in February, when the popular privacy coin Monero (XMR) fallen by more than 20% after Binance withdrew its support.
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