Binance on Tuesday said it is extending a promotion for several cryptocurrencies, especially meme coins on Binance Margin.
Binance will waive interest fees for one hour on Dogecoin (DOGE), Shiba Inu (SHIB), Pepe Coin (PEPE), BONK, dogfight (WIF), and FLOKI, among other prominent cryptocurrencies.
On March 12, the cryptocurrency exchange Binance unveiled a novel initiative to enhance emerging cryptocurrencies’ trading activity. This action is taken amid the tremendous demand for meme coins and gaming tokens.
Beginning March 12-26 at 11 AM UTC, users can commence trading to automatically receive a one-hour interest fee waiver. Binance introduced important meme coins such as BONK, DOGE, FLOKI, MEME, PEPE, SHIB, and WIF.
In contrast, BNX, GALA, PIXEL, PORTAL, and YGG are gaming tokens. Additionally, the exchange provided assistance for 1000SATS. To qualify for the fee waiver, users are required to be aware of the time.
On March 12, if both user A and user B borrowed 10 DOGE at 11:20 UTC. Subsequently, repayment must be finalized by both users at 12:15 UTC and 11:55 UTC on the same day. The exchange has provided illustrative instances to aid users in comprehending the charging of interest and timing.
Additionally, Binance recently introduced new trading pairs and algorithms for Dogecoin (DOGE), Pepe Coin (PEPE), Shiba Inu (SHIB), and Dogfight (WIF). Immediately following the Binance announcement, investor optimism grew for the meme coin rally.
Meme Coins Price Performance
The announcement was not immediately met with investor interest, and profit booking continues to exert selling pressure on meme coin prices. In a week, the prices of the leading meme currencies, Dogecoin and Shiba Inu (SHIB), have decreased by more than 6% and 19%, respectively.
Each DOGE and SHIB has experienced a 24-hour price decline of over 4%. Additionally, the value of the meme coins PEPE, FLOKI, WIF, and BONK has decreased by 2% to 8% over the past twenty-four hours.
Nevertheless, meme coins continue to be viewed more favorably due to the bull market and the impending halving of Bitcoin, which is anticipated to spark another enormous rally in altcoins.
