Binance made some significant decisions affecting two notable cryptocurrencies: Cardano and PepeCoin. This article delves into the reasons behind these decisions and the subsequent market repercussions for the two tokens.
Cardano Faces Changes on Binance Platform
Binance, recognized as one of the top cryptocurrency exchanges globally, made the decision to remove the perpetual future contracts for Cardano (ADA) recently. This move was attributed to regulatory concerns raised by the United States Securities and Exchange Commission (SEC). Subsequently, Cardano traders will now be limited to quarterly futures contracts.
Interestingly, ADA’s market response remained positive. In the final week of August alone, ADA witnessed a growth of 6.70%. Market experts believe this uptrend is due to the various ecosystem advancements that occurred in the third quarter of 2023.
PEPE Future: Concerns Rise All Over
PepeCoin’s future was called into question on August 26, 2023, when an unexpected announcement was made by its team. It was revealed that significant withdrawals had been made from their multi-signature CEX wallets two days prior. Sources revealed that three ex-team members moved 16 trillion PEPE tokens, which had a cumulative worth of $15 million, to several exchanges, with Binance and OKX being among them.
This substantial transfer raised suspicions, causing many to believe that Binance might decide to delist PEPE soon. The immediate aftermath of this revelation was a drop in PEPE’s trading value. Financial experts suggest that PEPE might be facing a prolonged downward trend for the remainder of 2023 unless there’s significant intervention from large investors or institutions.