Binance to List Pudgy Penguins’ PENGU and Simon’s Cat Meme Coin

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As a seasoned researcher with years of experience in the cryptocurrency market, I have witnessed the rise and fall of countless tokens. The latest listings by Binance – Pudgy Penguins’ PENGU and Simon’s Cat’s CAT – have certainly piqued my interest, but not without reservations.

Binance is set to introduce two fresh tokens into its platform: the Pudgy Penguins’ own currency, PENGU, and the meme coin inspired by Simon’s Cat.

On December 17th at 2 PM UTC, PENGU is set to make its grand entrance, available for trading against USDT, BNB, FDUSD, and TRY. Meanwhile, Simon’s Cat will be introduced earlier in the day at 9 AM UTC, also with the same trading options.

Binance Listing Triggers a Massive Rally for CAT Meme Coin 

The announcement led to a significant increase in the value of Simon’s Cat (CAT), jumping more than 60% and reaching its highest point ever at $0.00006811. As a result, the meme coin’s total market capitalization skyrocketed to an impressive $439 million.

Instead, let me rephrase it for you: For the very first time, PENGU is being listed on Binance, which signifies the initial distribution of its token. When launched, there will be over 623 million PENGU tokens circulating, accounting for around 70.22% of its total supply.

Earlier this month, Pudgy Penguins unveiled their PENGU token without initially disclosing a specific launch date. This intriguing project has attracted considerable interest because of its association with the well-known NFT collection.

It’s worth noting that Binance’s approach to new token launches has raised some eyebrows lately. For instance, their recent release of the Magic Eden (ME) token experienced a steep drop following its initial launch.

Initially, the ME token was traded for approximately $17, but it plummeted by about 79%. Now, its value stands roughly at $3.57 as a result of widespread selling by recipients who received it through an airdrop.

Once more, Binance is boosting the popular meme coin CAT, demonstrating their continued interest in listing such coins. Given its current profitability, it’s likely this pattern will recur frequently on the number one exchange.” (This was originally posted by Tracer on X, formerly known as Twitter.)

In the same vein, Movement Network’s MOVE token was released on Binance’s airdrop platform just recently. Within a short time, it has been listed on Upbit and Bithumb, which are popular exchanges in South Korea.

At the outset, MOVE was priced at approximately $0.74, and there were trades worth around $450 million within the first 90 minutes. However, since then, its value has dropped by more than half. Such fluctuations have sparked worries about Binance potentially contributing to excessive price swings, particularly in relation to meme coins.

Leonidas, an influential figure in the crypto world, questions if Binance’s current approach following the departure of CZ involves purchasing cheaper memecoins like NEIRO ($15 million) and $ACT ($20 million). He suggests that Binance then lists these coins with the intention of them growing 50 times in value, only to subsequently sell them back to their own users. Leonidas believes it’s important for people to understand the alleged inner workings of the largest crypto institution.

In 2024, more than 8 out of 10 meme coins listed on the exchange saw dramatic price surges immediately after listing, only to correct sharply afterwards. Detractors claim these price swings bear a striking resemblance to pump-and-dump tactics, potentially harming individual investors.

Beyond these disagreements, Binance is also grappling with legal issues concerning the PNUT meme token. Mark Longo, the proprietor of the popular internet character Peanut the Squirrel, has taken Binance to court. He claims that Binance illegally used Peanut’s image and intellectual property without permission.

With Binance consistently increasing its range of tokens, concerns linger regarding the long-term viability and impartiality of its listing procedures.

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2024-12-17 01:39