Hold onto your hats, crypto enthusiasts, because there's a shake-up coming to the biggest crypto exchange on the planet! They're tweaking the collateral ratios for seven altcoins, including the ever-popular meme coins Neiro (NEIRO) and Turbo (TURBO), along with Sui (SUI), Toncoin (TON), Eigenlayer (EIGEN), Eurite (EURI), and Scroll (SCR).
So, what's the scoop with collateral ratios? Think of it like this: it's the safety net that shows how much asset you need to back a loan or keep a position open. It's usually a percentage, and the higher it is, the safer the lender feels, even if the market decides to take a nosedive.
Here's the juicy part: six out of these seven coins are getting a 10% bump in their ratios. NEIRO's jumping from 30% to 40%, and TURBO's doubling from 10% to 20%. SUI's getting in on the action too, with a 5% boost, setting it at 60%. All these changes are coming into play on November 1st.
But wait, there's more! Binance is reminding everyone to keep an eagle eye on the Unified Maintenance Margin Ratio (uniMMR) to dodge any potential pitfalls like liquidation or losses due to these changes.
This isn't the first time this month Binance has been busy. They've been stirring up excitement, especially in the meme coin realm. Just last week, they introduced 1000CATUSDT perpetual contracts on their futures platform, offering a wild ride with up to 75x leverage. The feline-themed meme coin Simon’s Cat (CAT) pounced back into the limelight with a whopping 65% daily surge after the news.
On the flip side, Binance plans to delist some cryptocurrencies, including Rupiah Token (IDRT), Keep3rV1 (KP3R), Ooki Protocol (OOKI), and Unifi Protocol DAO (UNFI) by February 6, 2025. When a big exchange drops a coin, it's like a social media influencer unfollowing you—credibility takes a hit, and liquidity dries up. Not surprisingly, the affected coins nosedived in value, with UNFI taking the hardest hit, dropping over 40%.
So, gear up for November 1st and keep an eye on those ratios, because in the world of crypto, change is the only constant!
