Binance Lists Four Meme Coins, Three Gain Up To 200%

Binance, the world’s largest crypto exchange, has concluded its first community listing vote, resulting in the listing of four meme coins. The exchange initially planned to list only two tokens but ultimately decided to list four: Mubarak, CZ’s Dog, Tutorial, and Banana For Scale. The announcement was made after the completion of due diligence following the vote results.

Typically, tokens experience a surge in value when listed on Binance. This trend was largely observed with three of the four meme coins. CZ’s Dog, named after the former CEO of Binance, saw a significant rise of 65%. Banana for Scale also experienced an 11% increase, while Tutorial was the best performer, gaining over 200% in value. However, Mubarak, an up-and-coming meme coin, surprisingly dropped in value after the announcement. Despite this immediate drop, Mubarak still posted net gains from the previous 24 hours, suggesting that the news was already priced in.

The meme coin market has shown signs of fatigue, with Mubarak’s price stagnating in the last ten days despite being launched only 11 days ago. Some users on social media have pointed out that three of the four vote winners are either related to or connected to CZ, which might limit the assets’ broader market appeal. This could be a factor in the market’s current state of fatigue.

If Binance continues to hold listing votes as planned, introducing fewer winners and more unique offerings might help stave off investor fatigue. This approach could potentially revitalize the meme coin market and attract more diverse investments.