Binance, the giant of cryptocurrency exchanges, has increased its support for 3 popular “meme coins” in order to offer more options to its users and improve the transaction experience. This move brings with it question marks about the future of cryptocurrencies with fun names such as Dogecoin (DOGE), BOME and Dogwifhat (WIF). Will these “cute” investments bring serious profits to their investors or will they be a bubble? Here is the meme coin that should be bought with Binance support, according to analyst Varinder Singh.
Binance announced meme coin
With the official announcement made on May 31, Binance reduced the minimum transaction size in spot and margin trading pairs for DOGE, BOME and WIF. This move was announced by the cryptocurrency exchange as “providing more accessible transaction opportunities and improving the user experience.”
With the new regulation that will be valid as of June 7, the minimum transaction size in DOGE/EUR, DOGE/FDUSD, DOGE/TUSD, DOGE/USDC and DOGE/USDT transaction pairs has been reduced from 5 units to 1 unit. Likewise, a similar minimum transaction size reduction was made for BOME and WIF in BOME/FDUSD, BOME/USDC, BOME/USDT, WIF/FDUSD, WIF/USDC and WIF/USDT trading pairs. Importantly, these changes will not affect normal spot and margin operations or other related functions.
Upward momentum captured
Investors think that the activity in the cryptocurrency market, which has recently gained upward momentum, will also affect meme coins. Analysts predict that alternative cryptocurrencies (altcoins) may experience a significant rise in this period and provide serious returns to investors. However, along with these optimistic predictions, there are also question marks. While the DOGE price decreased by 1% in the last 24 hours, it gained 22% in May. Currently, the DOGE price is hovering around $0.159. A 33% decrease in trading volume in the last 24 hours also reveals the potential decrease in investor interest.
WIF and BOME prices decreased by 3% and 1%, respectively, in the last 24 hours. Although WIF has recorded an increase of over 35% in a one-month period, the sustainability of this situation remains a question mark. BOME, on the other hand, is on a horizontal course after achieving an increase of over 55% in May. Binance’s support for meme coins indicates that such cryptocurrencies will become more popular in the coming period. However, investors need to closely follow market movements and expert opinions when choosing these “cute” investments. It should not be forgotten that the high volatility of meme coins also carries serious risks.
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