As a seasoned analyst with years of experience in the volatile world of cryptocurrencies, I can’t help but feel a mix of intrigue and caution when observing the recent developments in the meme coin market. The fact that three meme coins saw significant gains after being added to Binance, while Bitcoin, Ethereum, and other major meme coins like Dogecoin and Shiba Inu struggled amid broader market declines, is a testament to the unique dynamics at play within this niche sector.
TL;DR
- Three meme coins saw sharp gains after Binance added new trading pairs.
- On the contrary, Bitcoin, Ethereum, and major meme coins like Dogecoin and Shiba Inu fell amid broader market declines.
Binance Fueled a Significant Pump
Over the past day, the cryptocurrency market has taken a step back due to the news that Donald Trump allegedly survived another assassination attempt. At present, Bitcoin (BTC) is hovering around $59,000 after losing the $60,000 mark, while Ethereum (ETH) dropped below $2,300.
On the contrary, certain meme coins bucked the downward trends, recording significant price growth. Specifically, Baby Doge Coin (BABYDOGE), Turbo (TURBO), and Neiro (NEIRO) stood out. Notably, Neiro’s (NEIRO) progress was exceptional, with its value surging by more than 500% daily and reaching a fresh all-time high. Baby Doge Coin (BABYDOGE) experienced a 50% surge, while Turbo (TURBO) climbed by 12%.
The resurgence happened shortly after Binance listed the following trading pairs on its platform: NEIRO/USDT, TURBO/USDT, and 1MBABYDOGE/USDT.
Within 24 hours after a token is listed on Spot, Trading Bots and Spot Copy Trading will become available for that token. Users who already have active Spot Copy Trading portfolios can include these pairs by enabling them within the ‘Personal Pair Preference’ section of their Spot Copy Trading settings.” (Exchange announcement)
It’s important to mention that Binance has included meme coins labeled as “seeds.” These assets are associated with innovative projects that might show greater volatility and risk compared to other listed cryptocurrencies. The company advises users to thoroughly investigate these opportunities before jumping in.
Therefore, we found out that only qualified users can access the newly introduced trading options. Unfortunately, our service is still not accessible in some places such as the USA, Canada, Cuba, Iran, Netherlands, and additional regions.
The Rest of the Memes Bleed Heavily
In the last 24 hours, meme coins newly added to Binance have been one of the rare exceptions showing growth. However, the overall market cap for this niche has decreased by 3% daily. Mog Coin (MOG) and Sundog (SUNDOG) have struggled significantly, experiencing double-digit declines.
Currently, both Dogecoin (DOGE) and Shiba Inu (SHIB), two prominent cryptocurrencies, are experiencing a decrease in value. Specifically, the price of Dogecoin dropped by approximately 3% each day and is now hovering around $0.10. Meanwhile, its main competitor, Shiba Inu, has also decreased by about 3.5%.
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2024-09-16 12:04