Binance, the world's largest digital currency trading platform, has dealt a new blow to sensational frog themed meme coin PEPE after delisting it as a borrowable asset from the Binance Flexible Loan program. As the trading platform announced, the delisting will be effected on June 21 at a time when the exchange will close all outstanding PEPE loan positions.
Binance is urging its users to pay up on all their outstanding PEPE loans to avoid direct liquidation. Users who get liquidated will pay a 2% liquidation fee where applicable. The exchange reassured its borrowers that it supports the repayment of the funds in the same currency, an indication that, despite the retracted support, it still supports PEPE as an asset on its platform.
PEPE became a monumental digital currency in the meme coin world following its launch and the parabolic growth it inked. The coin quickly ranked as one of the top 100 cryptocurrencies by market capitalization, sending many of its early adopters on a wealthy path with its unprecedented growth.
While still a known name, PEPE has lost its luster over the past few weeks with a massive sell-off currently ongoing, as insiders are now allegedly dumping off the meme coin, as reported earlier by U.Today.
Fall from grace, hopes for rebound?
PEPE is best described as a meme coin that has fallen from grace, with the digital currency currently losing as much as 90% of the gains it has accrued since its inception. While the loss is not new to most altcoins, it becomes a major concern as PEPE was birthed after the heat of the crypto winter.
With the fall from grace now prominent, hopes for a rebound notably hinge on what the core developers of the PEPE token have in store for the community. PEPE may have to trail meme coins, including Shiba Inu (SHIB) and Dogecoin (DOGE), which have pivoted and are driving a new frontier with unique offerings, including payments and smart contract development.