The world’s largest crypto exchange Binance on Saturday said it will suspend market order functions for selected spot and margin trading pairs from May 7 until further notice. The most impacted cryptocurrencies include Shiba Inu (SHIB), FLOKI, and the most hyped meme coin PEPE.
Binance recently listed FLOKI and PEPE meme coins on the exchange after continued demand from its users. After the listing, FLOKI price jumps 40% and PEPE skyrocketed by 60%.
Binance Announces Changes To Market Order Functions
The “Market Order – Total” feature for selected spot and margin trading pairs will be suspended by crypto exchange Binance, as per an official announcement on May 6. Users will not be able access to the “Total” and “Slider for Amount Customization” while placing market orders. However, the manual input to “Market Order – Amount” remains available for placing market orders.
The changes mostly impact meme coins such as Shiba Inu, FLOKI, and PEPE. Trading pairs for Shiba Inu include SHIB/USDT, SHIB/BUSD, SHIB/EUR, SHIB/BRL, SHIB/TRY, SHIB/AUD, and SHIB/DOGE.
The recently listed pairs PEPE/USDT and PEPE/TUSD, FLOKI/USDT and FLOKI/TUSD are also impacted by changes.
Furthermore, the market order functions are also suspended for almost all trading pairs listed against BIDR. Also, XECBUSD and XECUSDT are impacted.
The features remain unavailable on Binance Web, App, Electronic, and API until further notice. Users will see the “Quote order qty market orders are not supported for this symbol” prompt when placing market orders for the above spot and margin trading pairs.
While the reason behind the move is not clear, the restrictions are likely due to volatility and risks in trading meme coins.
FLOKI and PEPE Rises After Binance Listing
FLOKI and PEPE coins are trading with massive trading volume after listing on crypto exchange Binance. FLOKI price is currently trading at $0.0000435, after hitting a high of $0.0000548 after the Binance listing.
Meanwhile, PEPE price jumped 60% in the last 24 hours, with the price currently trading at $0.00000308. The price has fallen after several whales sold their holdings.
SHIB price trades at $0.0000097, down 2% in the last 24 hours and 6% in a week. Traders are selling SHIB and other meme coins to trade PEPE and FLOKI.
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