Major Binance Update Affecting This Popular Meme Coin: Details

TL;DR

Binance announced the addition of two new trading pairs available later this month. The company also revealed the delisting of several trading pairs, including BLZ/FDUSD and BICO/BTC, without any significant impact on the prices of the cryptocurrencies involved. The Latest Listings

Binance continues to update its services to respond to recent market trends and improve the overall user experience. It said it will add two new trading pairs to Binance Spot: BONK/BRL and NOT/EUR. In addition, the Company will enable the commercial bot services for the aforementioned. Trading pairs will be available to users on August 16.

Over the past few months, Binance has shown its support for the popular meme coin Bonk Inu (BONK) many times. It officially listed the token in mid-December 2023, adding the following trading pairs BONK/USDT, BONK/FDUSD and BONK/TRY. In March, the company added BONK/USDC to this list.

The meme coin price experienced negligible price volatility after Binance’s latest announcement. This may be so because a substantial increase is usually observed in the case of an official list.

Earlier this month, the exchange adopted Toncoin (TON), whose valuation soared 10% to around $6.40. The popular altcoin continued its upward trend in the following days and is currently worth approximately $7.10 (according to data from CoinGecko).

The elimination effort

On the other hand, Binance announced that it will also remove certain existing trading pairs. BLZ/FDUSD, IMX/TRY, and PORTO/BTC will be unavailable starting August 16, while BICO/BTC, BNT/BTC, DAR/BTC, and UTK/BTC will exit the platform six days later.

The delisting effort did not have a negative impact on the cryptocurrencies involved. A major price drop is usually seen when a major exchange like Binance ends all services with a certain digital asset.

Such was the case with Monero (XMR), which plummeted by double digits when the company withdrew support in early 2024.

The same was observed a few days ago when Binance revealed that it will suspend all operations involving PowerPool (CVP), Ellipsis (EPX), ForTube (FOR), Loom Network (LOOM), Reef (REEF) and VGX Token (VGX) . . CVP and VGX were among the most affected, approximately 40% on a 24-hour scale.

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