These Altcoins Explode More than 70% Following Lists on Binance: Details

TL;DR

Binance added two new cryptocurrencies to its platform, causing a substantial price increase for those affected. However, they were listed with seed tags, meaning users should be increasingly cautious when entering the ecosystem. The increase in prices

Binance announced the listing of altcoins Cow Protocol (COW) and Cetus Protocol (CETUS). Newly introduced trading pairs include COW/USDT and CETUS/USDT, and clients can now start depositing. Withdrawals will be available from November 7.

Trading robots and spot copy trading services will be enabled on the same day. “For users with running Spot Copy Trading portfolios, pairs can be included by enabling them in the (Personal Pairs Preference) section of the Spot Copy Trading settings,” the company clarified.

It is important to note that COW and CETUS were added with seed tags. Tokens in this category represent “innovative projects that may present higher volatility and risks” than other listed assets. That said, users should pay extra attention and conduct due diligence before jumping on the bandwagon.

“COW and CETUS are relatively new tokens that represent higher than normal risk and will likely be subject to high price volatility. Users should exercise sufficient risk management and DYOR (do your own research) to fully understand the project before opting to trade the token,” the warning reads.

Binance listings often have a bullish effect on affected assets due to their greater liquidity, accessibility and credibility. The latest case was no exception, as COW and CETUS briefly shot up by more than 70% on a 24-hour scale. In the following hours, its prices retreated slightly but remain well in the green zone.

COW Price, Source: CoinGecko The previous example

Earlier this week, the world’s largest crypto exchange launched PONKE/USDT perpetual contracts. The offer allows up to 75x leverage and allows customers to use other assets (such as BTC) as margin.

PONKE, the affected Solana-based meme coin, saw its valuation increase by 15% shortly after the disclosure. It rose to over $0.50 before heading south in the following days. Its price, however, started to rise again on November 6 following the general resurgence of the entire cryptocurrency sector caused by the likely victory of Donald Trump in the US presidential election.

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