As a seasoned crypto investor with battle-tested nerves and an eye for opportunities, I can’t help but feel a mix of excitement and caution when Binance announces new listings. The recent additions of Cow Protocol (COW) and Cetus Protocol (CETUS) have proven to be no exception.
TL;DR
- Binance added two new cryptocurrencies to its platform, causing a substantial price rally for the affected ones.
- However, those were listed with seed tags, meaning users should be increasingly cautious when entering the ecosystem.
The Price Boost
Binance has revealed that it will begin supporting the trading of Cow Protocol (COW) and Cetus Protocol (CETUS). As a result, users can now deposit their assets for these new trading pairs: COW/USDT and CETUS/USDT. Withdrawals will be enabled starting from November 7.
On the same day, both Trading Bots and Spot Copy Trading services will become available. Users with active Spot Copy Trading portfolios can add pairs to their portfolio by enabling them in the [Personal Pair Preference] section of the Spot Copy Trading settings, as the company explained.
It’s worth mentioning that COW and CETUS have been tagged with “seed” labels. These tokens fall under a category of projects that are considered innovative, but they may also carry greater volatility and risks compared to other listed assets. Therefore, it is advisable for users to exercise caution and perform thorough research before investing in them.
The tokens COW and CETUS, which are fairly new, carry a higher level of risk than usual. As a result, they may experience significant price fluctuations. It’s essential for users to practice sound risk management and thoroughly research these projects themselves before deciding to trade these tokens.
Listings on Binance typically have a positive impact on the assets involved, thanks to increased liquidity, accessibility, and credibility they offer. Recently, this was evident with COW and CETUS, which experienced a surge of more than 70% in a day. Although their prices dipped slightly afterward, they continue to thrive within the positive territory.
The Previous Example
Previously in the current week, the world’s largest cryptocurrency trading platform introduced Perpetual PONKE/USDT contracts. This new feature supports up to 75 times leverage and enables users to utilize alternative assets like Bitcoin as collateral.
Initially impacted meme token PONKE experienced a surge of 15% shortly after the revelation, peaking at over $0.50 before descending in the subsequent days. However, its value began to rise again on November 6, coinciding with the broader revival across the cryptocurrency market due to speculation about Donald Trump’s potential victory in the U.S. presidential elections.
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2024-11-07 02:00