Binance cryptocurrency exchange has announced the launch of trading bot services for three new trading pairs: EIGEN/TRY, PEPE/FDUSD, and SUI/FDUSD. These services are scheduled to start at 08:00 UTC on October 11, 2024, and will provide more diverse trading options on the exchange platform. More importantly, combining these new pairs with the bot functionality will significantly increase the prices of EIGEN, PEPE, and Sui.
Binance launches trading bot for EIGEN, PEPE, and SUI pairs
Binance has expanded its trading bot service to include EIGEN/TRY, PEPE/FDUSD, and SUI/FDUSD trading pairs, according to a recent blog post. The move is part of the platform’s broader strategy to provide users with advanced tools that support effective trading strategies. Trading bots are automated programs that execute trades based on preset parameters. They are increasingly popular among traders for their efficiency and ability to take advantage of market movements without constant human supervision.
In addition, the launch of these services enables traders to apply systematic trading strategies to a more diverse range of assets. This move will meet the needs of the growing number of Binance users who prefer automated trading solutions. This is also in line with the exchange's continuous efforts to enhance user experience and expand its service offerings in the highly competitive cryptocurrency market.
Notably, the exchange announced that the availability of these new trading pairs is geographically restricted. Due to regulatory borders, traders from certain countries, including the United States, Canada, and the Netherlands, will not be able to use these trading options. These restrictions highlight the complex landscape of global cryptocurrency trading regulations, which Binance will continue to navigate with caution.
Impact on EIGEN, PEPE and SUI trading volumes
With the activation of trading bots for these trading pairs, the trading volumes of EIGEN, PEPE, and SUI are expected to grow. Automated trading systems are known for their ability to generate higher trading frequencies, which helps increase liquidity. This liquidity is essential to reduce market spreads and stabilize asset prices, which can attract more participants to join the Binance platform.
Additionally, the move will benefit traders seeking to diversify their portfolios across different fiat and digital currency pairs.
Following the announcement, the market movements of cryptocurrency tokens Sui, Pepe, and EigenLayer varied. Sui is trading at $1.84, up 7.01% over the past week, with a market cap of $5.08 billion. EigenLayer is priced at $3.75, up 2% over the past 24 hours, with a significant spike in trading volume to $234.3 million.
Pepe, on the other hand, is trading at $0.059386, up slightly by 0.46% on the day, with a trading volume of $739.78 million. Despite the small price increase, the recent Pepe price prediction suggests that a new all-time high could be reached this month.
In addition to the current enhancements, the cryptocurrency exchange is also expanding support for other popular tokens. Recently, the price of Chiliz (CHZ) has risen sharply as Binance has increased its support.
