Binance has introduced the itemizing of two new tokens—Pudgy Penguins’ native token, PENGU, and the Simon’s Cat meme coin.
PENGU will debut on December 17 at 14:00 UTC, with buying and selling pairs together with USDT, BNB, FDUSD, and TRY. Simon’s Cat will launch earlier the identical day at 09:00 UTC, with equivalent buying and selling pairs.
Binance Itemizing Triggers a Huge Rally for CAT Meme Coin
The announcement brought on Simon’s Cat (CAT) to surge by over 60%, reaching an all-time excessive of $0.00006811. The meme coin’s market cap soared to $439 million.
In distinction, PENGU’s Binance itemizing marks its first-ever token distribution. Upon launch, PENGU could have a circulating provide of over 623 million tokens, representing roughly 70.22% of its whole provide.
Pudgy Penguins launched the PENGU token earlier this month however didn’t beforehand announce a launch date. The challenge has generated vital consideration because of its connection to the favored NFT assortment.
Binance’s historical past with new token listings has been relatively regarding. The change lately launched the Magic Eden (ME) token, which confronted sharp declines after its debut.
The ME token began buying and selling at $17 however dropped practically 79%. It’s at present at round $3.57 because of mass sell-offs from airdrop recipients.
“Binance is at it once more, pumping the well-established meme coin CAT. This information as soon as once more proves the curiosity of the TOP-1 change in itemizing memecoins. This sample will repeat repeatedly as a result of it’s at present VERY worthwhile for Binance,” common on-chain analyst Tracer wrote on X (previously Twitter).
Equally, Motion Community’s MOVE token launched on Binance’s airdrops portal final week. It rapidly gained listings on South Korean exchanges Upbit and Bithumb.
MOVE initially traded at $0.74, with a buying and selling quantity of $450 million in its first 90 minutes, however its worth has since fallen by over 50%. These patterns have raised issues about Binance’s function in fueling unstable worth actions, particularly with meme cash.
“Is that this Binance’s new enterprise technique within the post-CZ period? Purchase up low-cap memecoins like NEIRO ($15 million) and $ACT ($20 million), record them in order that they 50x, and dump on their very own customers. Folks should know what’s going on inside the most important crypto establishment,” wrote influencer Leonidas.
Over 80% of meme cash listed by the change in 2024 skilled vital worth spikes post-listing, adopted by sharp corrections. Critics argue that such fluctuations resemble pump-and-dump schemes, disadvantaging retail buyers.
Along with these controversies, Binance faces authorized challenges over the PNUT meme coin. Mark Longo, the proprietor of web sensation Peanut the Squirrel, has filed a lawsuit in opposition to Binance. He alleges the change of unauthorized use of Peanut’s likeness and mental property.
As Binance continues to develop its token choices, questions persist in regards to the sustainability and equity of its itemizing practices.
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