Binance has decided to temporarily stop accepting market orders for specific trading pairs involving Shiba Inu (SHIB), FLOKI, and PEPE tokens. This means that users will not be able to place market orders for these tokens on Binance for a certain period of time.
Binance, the biggest cryptocurrency exchange in the world, announced on Saturday that it will temporarily suspend market order functions for certain trading pairs. This suspension will affect popular cryptocurrencies like Shiba Inu (SHIB), FLOKI, and the highly talked-about meme coin PEPE. The suspension will be effective from May 7 onwards, and it will continue until further notice.
Binance, the popular cryptocurrency exchange, has recently added FLOKI and PEPE meme coins to its platform in response to high demand from its users. Following the listing, the price of FLOKI surged by 40%, while PEPE experienced an astonishing 60% increase in value.
- Binance Updates Market Order Functions.
Binance, a cryptocurrency exchange, has announced the suspension of the “Market Order – Total” feature for specific trading pairs. According to an official statement on May 6, users will no longer have access to the “Total” and “Slider for Amount Customization” options when placing market orders. However, they can still manually input the desired amount using the “Market Order – Amount” feature.
Binance’s recent changes mainly affect meme coins like Shiba Inu, FLOKI, and PEPE. For instance, the trading pairs for Shiba Inu include SHIB/USDT, SHIB/BUSD, SHIB/EUR, SHIB/BRL, SHIB/TRY, SHIB/AUD, and SHIB/DOGE.
The changes implemented also affect recently listed pairs like PEPE/USDT and PEPE/TUSD, as well as FLOKI/USDT and FLOKI/TUSD. Moreover, the market order functions are suspended for almost all trading pairs listed against BIDR, including XECBUSD and XECUSDT.
The affected features will be unavailable on Binance’s website, mobile app, electronic platform, and API until further notice. Users will receive a prompt stating “Quote order quantity market orders are not supported for this symbol” when attempting to place market orders for the aforementioned spot and margin trading pairs.
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The exact reason for the decision is unclear, but it is likely that the imposed restrictions are a response to the unpredictable nature and potential risks associated with trading meme coins.
FLOKI and PEPE Rises After Binance Listing
Since their listing on Binance, FLOKI and PEPE coins have been experiencing significant trading activity, with a substantial increase in trading volume. Currently, the price of FLOKI is at $0.0000435, having reached a peak of $0.0000548 following its listing on the exchange.
In the past 24 hours, the price of PEPE has seen a significant increase of 60%, reaching a value of $0.00000308. However, there has been a subsequent decrease in price as several large-scale investors, known as whales, have sold their PEPE holdings.
The current trading price of SHIB stands at $0.0000097, reflecting a 2% decline over the past 24 hours and a 6% decrease over the course of the week. Traders in the market have been selling SHIB and other meme coins to engage in trading activities involving PEPE and FLOKI.
