Binance To List CAT Meme Coin and PENGU on December 17
Binance announced the launch of two new tokens – PENGU, the native token of Chunky Penguin, and Simon the Cat Meme Coin.
PENGU will be launched at 14:00 UTC on December 17th, and the trading pairs include USDT, BNB, FDUSD, and TRY. Simon’s Cat will launch earlier on the same day at 09:00 UTC and offer the same trading pairs.
Binance listing triggers surge in CAT Meme coin
this announcement This resulted in Simon Cat (CAT) surging over 60% to reach an all-time high of $0.00006811. The meme coin’s market capitalization soared to $439 million.
In contrast, PENGU’s Binance listing marks its initial coin offering. After going online, the circulating supply of PENGU will exceed 623 million, accounting for approximately 70.22% of its total supply.
Pudgy Penguins launched the PENGU token earlier this month but had not previously announced a launch date. This project is related to Popular NFT collections.
Binance has a rather worrying history with new coin listings. exchange Recently launched Magic Eden (ME) tokenIt suffered a sharp decline after listing.
The ME token started trading at $17 but is down nearly 79%. Price is currently around $3.57 due to heavy selling Airdrop recipient.
“Binance strikes again with the launch of a full-fledged memecoin CAT. This news once again proves the interest of TOP-1 exchanges in listing memecoins. This pattern will be repeated again and again, as it is currently very popular for Binance Profitable.” Popular on-chain analyst Tracer. wrote on X (formerly Twitter).
Likewise, sports network’s MOVE Token Launched on Binance Airdrop Portal last week. It was soon listed on Korean exchanges Upbit and Bithumb.
MOVE initially traded at $0.74 with trading volume of $450 million in the first 90 minutes of listing, but its price has since fallen by more than 50%. These patterns raise concerns about Binance’s role in driving price volatility, especially in Meme Coin.
“Is this Binance’s new business strategy in the post-CZ era? Buy low market cap memecoins like NEIRO ($15M) and $ACT ($20M), list them, 50x them, and then dump them on their own users . People should know what’s going on inside the largest cryptocurrency institutions.” wrote Influencer Leonidas.
Exceed Exchanges list 80% of meme coins In 2024, the price rose sharply after listing, followed by a sharp correction. Critics say the volatility resembles a pump-and-sell scheme and is detrimental to retail investors.
In addition to these controversies, Binance also faces legal challenges PNUT Meme Coin. Mark Longo, owner of internet celebrity Squirrel Peanuts File a lawsuit against Binance. He claimed that Peanut’s likeness and intellectual property were used in exchange for unauthorized use.
As Binance continues to expand its token offerings, questions remain about the sustainability and fairness of its listing practices.
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