Binance is already listed the PENGU token and Simon’s Cat memecoin, and the market hype is undeniable.
Both tokens are set to make their grand entrance with spot listings and airdrops, and Simon’s Cat has already jumped 60% in price after the announcement, but PENGU is just getting started.
PENGU, the new guy?
The PENGU token, launched by the Pudgy Penguins team, is make some noise both in crypto and NFT communities.
It officially started on December 17, trading against popular pairs like USDT, BNB, FDUSD, and TRY. With a total supply of 88.88 billion tokens, PENGU wants to support its expansive ecosystem, including the increasingly popular Pudgy Penguins NFT collection.
25.9% is reserved for the own NFT community, while 24.12% goes to other well-known NFT projects like Azuki and Bored Ape Yacht Club.
The project team will receive 17% with a vesting period, and 12.35% is set aside for liquidity pools.
This strategy is designed to encourage wide participation across various NFT communities and liquidity providers.
Pre-launch, PENGU was valued at around $0.05 per token, giving it a fully diluted market cap of approximately $4.4 billion. It dippen some after the airdrop, likely due to the technical issues around claiming.
Simon’s Cat, the meow guy?
Another new player in the ring, Simon’s Cat has burst onto the scene with a quite explosive debut on Binance, skyrocketing by more than 60% to reach an all-time high of $0.00006811.
This growth pushed its market cap to about $439 million, signaling the ongoing hype and craziness around memecoins, especially when supported by a heavyweight exchange like Binance.
The hype surrounding Simon’s Cat already sparked bigger interest in memecoins, with traders await to jump on the initial price surge.
But some analysts warn that as we’ve seen with previous listings like Magic Eden and Movement Network’s MOVE token, these rapid rallies often lead to sharp price corrections shortly after.
Cultural changes
Despite these obvious, and skyhigh risks, many traders are still drawn to the potential for high returns memecoins. It’s like gambling, pure dopamine shot.
Binance’s role in fueling this volatility raises some questions about whether these tokens are legitimate investments or indeed just speculative gambles.
