Stay Informed About Binance’s Latest Changes in Collateral Ratios
Find out how Binance’s recent update will impact various altcoins, including meme coins like Floki Inu (FLOKI) and Dogs (DOGS). Stay updated on the changes set to take place on September 3.
The Latest Updates on Collateral Ratios
Binance, the world’s leading cryptocurrency exchange, is set to adjust the collateral ratios for multiple altcoins, including popular meme coins such as Floki Inu (FLOKI) and Dogs (DOGS).
- FLOKI’s collateral ratio will be increased from 35% to 40%.
- DOGS will see a significant jump from 10% to 30%.
- Other cryptocurrencies, including Toncoin (TON), Render (RENDER), Sun Token (SUN), SuperRare (RARE), and AdEx (ADX), will also experience ratio increases starting September 3.
“Collateral ratio will impact the Unified Maintenance Margin Ratio (uniMMR). Users are advised to monitor uniMMR closely to avoid potential liquidation or losses resulting from changes in the collateral ratio,” stated Binance.
Collateral ratio in the crypto realm denotes the percentage of insurance required to secure a loan or maintain a position, showcasing the collateral’s value relative to the borrowed amount. A higher ratio assures the lender of recovering borrowed funds even if market conditions turn unfavorable.
Previous Updates and Initiatives
Binance has introduced several meme coin-related changes in recent times, such as adding BONK/BRL as a new trading pair on Binance Spot. While Bonk Inu displayed minimal volatility post-announcement, the scenario differed in December 2023 when its listing on Binance led to a price surge.
Recent developments also saw the introduction of DOGS/BRL and DOGS/USDC trading pairs on Binance Spot, along with trading bot services for the pairs. DOGS, a budding meme coin on the TON blockchain, gained widespread attention in August before experiencing a market cap dip from $800 million to under $600 million.
As of now, DOGS is valued around $0.001118, reflecting a 30% decline from its peak on August 28.
Hot Take: Keep Updated on Binance’s Collateral Ratio Adjustments
Stay informed about Binance’s ongoing changes in collateral ratios for various altcoins, emphasizing meme coins like Floki Inu and Dogs. Monitor the developments closely to make informed decisions regarding your crypto investments.
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