Binance Lists PENGU and Simon’s Cat Meme Coin

Binance, the world’s largest cryptocurrency exchange, has announced the listing of two new tokens—Pudgy Penguins’ PENGU and the Simon’s Cat meme coin (CAT).

Launch Details

Simon’s Cat will debut on December 17 at 09:00 UTC, followed by PENGU at 14:00 UTC. Both tokens will trade against USDT, BNB, FDUSD, and TRY pairs.

The announcement triggered a sharp rally for Simon’s Cat, with the token surging over 60% to an all-time high of $0.00006811. This spike pushed CAT’s market cap to $439 million.

PENGU’s debut marks its first-ever token distribution. At launch, PENGU will have a circulating supply of over 623 million tokens, representing about 70.22% of its total supply. Pudgy Penguins, well-known for their NFT collection, recently introduced the PENGU token, generating significant market anticipation.

Volatility and Binance’s Token Listings

Despite the excitement, concerns persist about Binance’s track record with new listings. For instance, the Magic Eden (ME) token launched earlier but fell sharply after debuting. ME began trading at $17 but plummeted nearly 79% to around $3.57 due to mass sell-offs from airdrop recipients.

Similarly, Movement Network’s MOVE token, launched via Binance’s airdrop portal, initially surged to $0.74 with $450 million in trading volume within 90 minutes. However, its price later dropped by over 50%, reflecting a familiar pattern of extreme volatility.

Community and Analyst Criticism

Binance’s listing strategy has drawn criticism from analysts and influencers. Popular on-chain analyst Tracer highlighted Binance’s role in pumping meme coins like CAT, stating, “This pattern will repeat because it’s VERY profitable for Binance.”

Crypto influencer Leonidas questioned Binance’s intentions, suggesting the exchange may be buying low-cap tokens, boosting their prices post-listing, and then selling them off. He stated, “Is this Binance’s new strategy in the post-CZ era? People deserve to know what’s going on.”

Legal Challenges and Market Impact

Adding to the controversy, Binance now faces a lawsuit over the PNUT meme coin. Mark Longo, creator of internet sensation Peanut the Squirrel, has accused Binance of unauthorized use of Peanut’s likeness and intellectual property.

Conclusion

Binance’s strategy of listing new tokens, especially meme coins, continues to create waves in the crypto market. While the exchange attracts significant trading activity, sharp price fluctuations and controversies raise concerns about fairness and transparency. Binance must strike a balance between driving market excitement and ensuring investor protection to sustain trust in its operations.