tl;dr
Binance has announced the listing 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, and Simon’s Cat will launch earlier the same day at 09:00 UTC, both with trading pairs including USDT, BNB, FDUSD, and TRY. The announ...
Binance to list Pudgy Penguins' PENGU token and Simon's Cat meme coin on December 17
Binance has announced the listing 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, and Simon’s Cat will launch earlier the same day at 09:00 UTC, both with trading pairs including USDT, BNB, FDUSD, and TRY.
Simon's Cat meme coin surges by over 60% following Binance listing, while PENGU's debut marks its first token distributionThe announcement caused Simon’s Cat (CAT) to surge by over 60%, reaching an all-time high of $0.00006811, with a market cap of $439 million. PENGU’s Binance listing marks its first-ever token distribution, with a circulating supply of over 623 million tokens, representing approximately 70.22% of its total supply.
Binance's history with new token listings raises concerns over volatile price movements and legal challengesBinance’s history with new token listings has raised concerns about volatile price movements, especially with meme coins. Additionally, Binance faces legal challenges over the PNUT meme coin. As Binance continues to expand its token offerings, questions persist about the sustainability and fairness of its listing practices.
CAT Meme Coin Daily Price Chart. Source: BeInCryptoThe meme coin’s market cap soared to $439 million. In contrast, PENGU’s Binance listing marks its first-ever token distribution. Upon launch, PENGU will have a circulating supply of over 623 million tokens, representing approximately 70.22% of its total supply. Pudgy Penguins introduced the PENGU token earlier this month but did not previously announce a launch date.
Binance’s history with new token listings has been rather concerning. The exchange recently launched the Magic Eden (ME) token, which faced sharp declines after its debut.
These patterns have raised concerns about Binance’s role in fueling volatile price movements, especially with meme coins.
Over 80% of meme coins listed by the exchange in 2024 experienced significant price spikes post-listing, followed by sharp corrections. Critics argue that such fluctuations resemble pump-and-dump schemes, disadvantaging retail investors.
As Binance continues to expand its token offerings, questions persist about the sustainability and fairness of its listing practices.