This Meme Coin Pumps 15% Following Support From Binance: Details

TL;DR

• Binance’s support for certain tokens drives price surges, as seen with recent additions.
• Delistings from the platform often lead to significant drops for affected tokens.

The Binance Effect

Most leading cryptocurrencies have recorded little to no price volatility in the past 24 hours, seemingly preparing for action after the final results of the US presidential elections (set for November 5).

However, some assets still charted substantial gains amid the overall consolidation. One example is the Solana-based meme coin Ponke (PONKE). 

Its price soared by over 15% minutes after Binance launched PONKE/USDT perpetual contracts. The offering allows up to 75x leverage and enables clients to employ other assets (such as bitcoin) as margin.

Perpetual contracts enable traders to bet on price movements without the need for direct asset ownership. They can remain open indefinitely (as long as margin requirements are met) and offer the potential for huge profits. At the same time, though, they are associated with a higher risk and can lead to substantial losses.

Support from a major crypto exchange like Binance results in increased accessibility, liquidity, and market visibility. As such, it is no wonder why the prices of tokens embraced by the platform often head north. 

The same thing happened last month when the company introduced 1000CATUSDT perpetual contracts in its futures program. 

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CAT – the meme coin inspired by the eponymous animated series and launched on the Binance Smart Chain – exploded by 65% daily, while its market capitalization surpassed $250 billion.

Delisting Can Have the Opposite Effect

Besides adding new cryptocurrencies and options to its platform, Binance periodically removes certain assets to maintain a high-trading environment and protect its users. The delisting can trigger a loss of credibility and panic among investors, which could result in plummeting prices for the affected tokens.

In October, Binance announced that the altcoins Rupiah Token (IDRT), Keep3rV1 (KP3R), Ooki Protocol (OOKI), and Unifi Protocol DAO (UNFI) will no longer be available on the platform from November 6. KP3R, OOKI, and UNFI crashed by over 40% each shortly after the disclosure.