Binance, which started Pepe (PEPE) transactions in May, announced today that it will end its flexible loan service in a new announcement.
Binance Flexible Loan delists Pepe (PEPE)
Flexible Loan, Binance’s flexible lending platform, is removing PEPE from its loanable assets list, starting June 21. Users are required to repay any outstanding PEPE credits before this date to avoid a possible liquidation. The deadline is June 21 at 11:00 am.
#Binance Flexible Loan has delisted PEPE as a borrowable asset.https://t.co/dHwFs7ilbp
— Binance (@binance) June 16, 2023
cryptocoin.com As we reported, FLOKI and PEPE were listed on Binance on the same day. On May 5, when trading began, both memes gained over 50% in tokens. In the following weeks, Pepe lost more than 90% from its peak price after it started to cool off its rally. Launched in April, the meme token initially generated 7,500x returns. It was listed on most major centralized exchanges on that date.
Whales move away from Pepe
PEPE is currently trading 78% below the May 5th ATH level of $0.00000431. The latest development that contributed to the price drop is the whale transaction, which sold about 1 trillion Pepe.
Address 0x1497 sold all 972.84B $PEPE for 514 $ETH ($848K) ~2 hrs ago, the selling price was $0.0000008718.
This guy might be an inside trader.
He received 0.58 $ETH from #FixedFloat and spent 0.027 $ETH ($58) to buy 2.27T $PEPE within 10 minutes of $PEPE starting trading. pic.twitter.com/QflquoJu0l
— Lookonchain (@lookonchain) June 15, 2023
What does technical analysis say about the meme token?
Starting 2023 on a positive note, the cryptocurrency market lost its enthusiasm with June’s SEC lawsuits. The recent selling pressure has destroyed Pepe, which had been trending in the previous months in particular. The meme token is pushing all-time lows in June. It dropped to $0.00000095 on June 5 and closed below the mid-May low.
Over the weekend of June 10/11, PEPE was rejected at the high range at $0.00000120. It then fell below the mid-range. So far, the midrange has become an important resistance level. This move suggests PEPE as low as 0.00000073.
The overall picture shows that the meme token, which has been trending for about 4 weeks, is now somewhat discredited. This inference is confirmed by last week’s volume data.
What about the selling/buying pressure?
Sellers largely dominated the spot and futures markets this week. For example, the supply (red line) on exchanges has increased steadily since mid-May. This trend indicates that more PEPE is being moved to CEXs (central exchanges) for dumping.
During the same period, supply excluding stock markets, which track short-term accumulation, also fell. It captures the increasing short-term selling pressure in the spot markets. The sentiment is similar in the futures market. Short positions dominated by 53% versus longs (47%) in the 4-hour timeframe at press time. He argued that more of his investments were selling. This one also offers a bear look.
