Important 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, such as BLZ/FDUSD and BICO/BTC, with no significant impact on the prices of the involved cryptocurrencies.

The Latest Listings

Binance continues to update its services to respond to recent market trends and improve overall user experience. It said it will add two new trading pairs on Binance Spot: BONK/BRL and NOT/EUR. In adition, the company will allow trading bots services for the aforementioned. The trading pairs will become available to users on August 16.

Over the past several months, Binance has shown support toward the popular meme coin Bonk Inu (BONK) numerous 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 included BONK/USDC to that list. 

The meme coin’s price experienced insignificant price volatility following the latest Binance announcement. This might be so because a substantial surge is usually witnessed in the event of an official listing.

Earlier this month, the exchange embraced Toncoin (TON), whose valuation soared by 10% to around $6.40. The popular altcoin continued its uptrend in the following days and is currently worth approximately $7.10 (per CoinGecko’s data). 

The Delisting Effort

On the other hand, Binance announced that it will also remove certain existing trading pairs. BLZ/FDUSD, IMX/TRY, and PORTO/BTC will not be available from 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 involved cryptocurrencies. A significant price plunge is usually witnessed when a major exchange like Binance terminates all services with a certain digital asset. 

This was the case with Monero (XMR), which plummeted by double digits when the company withdrew its support at the start of 2024.

The same thing was observed a few days ago when Binance revealed 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, crashing by approximately 40% on a 24-hour scale.