This Popular Meme Coin Receives Further Support From Binance: Details

TL;DR

• Binance expanded its trading options with new pairs, though availability depends on the users’ region.
• The exchange will delist several existing pairs on June 14, advising clients to update or cancel their Spot Trading Bots to prevent 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 enhance users’ experience. On June 13, it added WIF/EUR, NOT/BRL, and TRU/TRY to Binance Spot. Additionally, the company allowed Trading Bots services for the aforementioned pairs. 

Binance noted that the new offerings are “subject to eligibility” based on the clients’ country or region of residence. Users located in the USA, Canada, Cuba, Crimea Region, Iran, North Korea, and more are among the restricted ones.

The popular meme coin – dogwifhat (WIF) – saw a slight resurgence shortly after the announcement before heading south again. It currently trades at around $2.50, representing a 10% decrease on a 24-hour scale.

The Solana-based meme coin experienced a much more substantial price increase when Binance first announced its support in January of this year. Back then, the firm launched WIF/USDT perpetual contracts, which was followed by an ATH for the asset (at that time) of approximately $0.45. 

Other exchanges that also enabled trading services with WIF in the past several months include Bybit, Kraken, BitMEX, Coinbase, and more.

Previous Amendments

Besides adding new trading pairs, Binance periodically removes some existing ones due to reasons like poor liquidity. Earlier this week, it announced it will halt services on the following ones: ALPACA/BTC, NFP/TUSD, MDX/BTC, QUICK/BTC, and XAI/BNB. The delisting is scheduled to come into effect on June 14.

“Users are strongly advised to update and/or cancel their Spot Trading Bots prior to the cessation of Spot Trading Bots services to avoid any potential losses,” the exchange warned. 

Most of the affected assets recorded little-to-no price volatility in the hours after the disclosure. Typically, a severe plunge occurs in the event of terminating all services with a certain token and not just removing some pairs.

Such was the case in February when the popular privacy coin Monero (XMR) tumbled by over 20% after Binance withdrew its support.