Important Binance Update for Peanut the Squirrel (PNUT) Traders: Details

TL;DR

• Binance added new trading pairs, including PNUT/BRL and PNUT/EUR. PNUT’s price has surged 1,400% in two weeks, fueled by the company’s initial support and Elon Musk’s endorsements.
• Binance will also remove multiple trading pairs, including DAR/BTC and RARE/BRL. The move coincides with substantial price drops for affected tokens.

Additional Support for PNUT

The world’s biggest crypto exchange added seven new pairs to Binance Spot to “enhance user’s trading experience.” Those include PNUT/BRL, PNUT/EUR, ACT/BRL, ACT/EUR, CATI/USDC, ETH/EURI, and LUMIA/TRY. Users will enjoy zero maker fees for ETH/EURI “until further notice.”

Additionally, Binance enabled trading bot services for ADA/USDC, DOGE/USDC, SUI/USDC, and XRP/USDC, plus the pairs mentioned above. 

The firm warned that the new options will not be available to all clients. Those residing in Canada, the USA, Iran, the Netherlands, Syria, and other countries will be excluded.

Binance’s latest effort marks its further support for one of the most trending meme coins of late: Peanut the Squirrel (PNUT). The token’s price is up a staggering 1,400% on a two-week scale due to a combination of several factors. One of those includes Binance’s decision to list PNUT with a seed tag. 

The other elements are the overall meme coin frenzy and the backing from Elon Musk. One of the wealthiest people on the planet mentioned PNUT (directly and indirectly) multiple times on X, triggering a price spike for the asset. 

No More Support for These Pairs

Apart from expanding the list of choices on its platform, Binance regularly delists some existing ones due to poor liquidity or other reasons. 

It will remove the spot trading pairs DAR/BTC, IRIS/BTC, RARE/BRL, THETA/ETH, and UTK/BTC on November 22 and terminate access to the margin trading pairs C98/BTC, FIS/BTC, IDEX/BTC, MBOX/BTC, REN/BTC, TKO/BTC on November 27.

Ceased support from a major cryptocurrency exchange like Binance often has a negative effect on the prices of the involved digital assets. After all, the move reduces accessibility and could lead to reputational damage. 

The majority of the affected tokens are in the red following the disclosure, with SuperRare (RARE) suffering the most. Its valuation has plunged by 8% daily, currently trading at around $0.11.

The post Important Binance Update for Peanut the Squirrel (PNUT) Traders: Details appeared first on CryptoPotato.