Important Binance Announcement Affecting These Viral Meme Coins: Details

TL;DR

• The company made some amendments to its loan program.
• It also launched certain perpetual contracts with up to 50x leverage and announced upcoming delistings of select spot trading pairs.

Additional Support for These Tokens

The world’s biggest crypto exchange announced on its official website that clients can now use Official Trump (TRUMP), Sonic (S), Peanut the Squirrel (PNUT), Virtuals Protocol (VIRTUAL), SSV Network (SSV), Defi App (HOME), and Resolv (RESOLV) as loanable assets on Binance Loans. 

Such tokens refer to cryptocurrencies that users can either borrow or use as collateral to borrow other assets. There are two subdivisions of that section: coins that all customers have access to and VIP Loan (designated for high-volume or institutional clients).

Despite the support, all newly added cryptocurrencies to that list remain in the red zone. RESOLV has suffered the biggest decline in the past 24 hours, with its price plunging by 13%. The popular meme coins TRUMP and PNUT are down 3% and 4%, respectively, within this timeframe.

The downtrend coincides with the overall slump of the entire cryptocurrency sector, whose market capitalization dipped to $3.35 trillion. Bitcoin (BTC) briefly plunged to approximately $103,600, while Ethereum (ETH) is fighting to stay above $2,500. 

The Recent Listings/Delistings

Besides adjusting its Binance Loans section, the company expanded the list of trading choices on Binance Futures. It launched the MYX/USDT and MYX/FUSDT perpetual contracts with up to 50x leverage. 

These products enable users to bet on the price of the aforementioned cryptocurrency without owning it, and have no expiration date.

MYX Finance (MYX) reacted positively to the news, with its valuation soaring by 12% and reaching almost $0.10. However, its market capitalization remains insignificant at less than $12 million.

On the contrary, Binance announced some delisting efforts. It will remove the trading pairs CATI/FDUSD, ONE/BTC, and TLM/FDUSD on June 20.

“The delisting of a spot trading pair does not affect the availability of the tokens on Binance Spot. Users can still trade the spot trading pair’s base and quote assets on other trading pair(s) that are available on Binance,” the company clarified.