Wild Swings Hit These Meme Coins After Surprise Binance Listings: Details
TL;DR
- Binance added trading services with four trending meme coins.
- The involved assets experienced enhanced volatility, and surprisingly, some of them headed south.
The Massive Volatility
The worlds largest cryptocurrency exchange frequently amends its services to offer enhanced user experience and respond to the latest market trends. Most recently, it added the meme coins Mubarak (MUBARAK), CZs Dog (BROCCOLI714), Tutorial (TUT), and Banana for Scale (BANANAS31) to its Binance Simple Earn section.
Moreover, the tokens will soon be included in the Buy Crypto, Binance Convert, Binance Margin, and Binance Auto-Invest programs.
Support from a crypto behemoth like Binance usually has a huge positive effect on the involved digital assets due to increased liquidity and boosted accessibility.
The price of Tutorial (TUT) has exploded by an impressive 130% in the past 24 hours, while BROCCOLI714 has pumped by 15% for the same period.
Somewhat surprisingly, though, MUBARAK and BANANAS31 have registered steep declines. The former has lost over 40% of its valuation in the last 24 hours, while the latter is down by approximately 13%.
It is worth mentioning that MUBARAKs valuation reacted quite differently in mid-March when Binance introduced MUBARAK/USDT perpetual contracts with up to 25x leverage. The price skyrocketed by double digits shortly after the inclusion.
Another factor that may have contributed to the meme coins substantial resurgence back then is the involvement of Binances founder Changpeng Zhao (known as CZ). According to Lookonchain, he spent 1 BNB to buy MUBARAK and the same amount to purchase TST.
Previous Binance Announcements
Another cryptocurrency that witnessed a serious spike after a recent Binance listing is StraitsX USD (XUSD). Last week, the stablecoin, which is pegged to the American dollar and supposed to hover around $1, soared to almost $1.80 after the exchange launched the XUSD/USDT trading pair. The peak was short-lived, and in the following hours, the price returned to its target.
Binance also seemed very close to embracing Pi Networks native token PI. In February, it held a community vote to determine whether its users would want to see the coin available for trading, and over 86% of the voters clicked the yes option. Regardless of the overwhelming support, it remains unclear whether the exchange will respect their wish.
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