Key Takeaways
- Following Binance’s announcement of the token’s launch, the price of Degen rose by 55%.
- In the last week, Degen’s value has increased by 255%, indicating robust market demand.
- The launch of additional meme coins by Binance has also caused notable price increases in the cryptocurrency market.
Following Binance’s announcement that it would allow futures trading for the token, the price of Degen (DEGEN) surged by 55%.
Due to Binance’s announcement on November 15, DEGEN increased from $0.020 to $0.031 in a single day, according to CoinGecko. Degen has, however, somewhat declined to $0.028 at the time of writing.
DEGEN has grown significantly in the last week. During this time, CoinGecko saw a 255% increase, with the token trading at just $0.007 on November 8. The price started to increase on November 11. DEGEN is currently only accessible on Binance for futures trading—not spot trading.
What Impact Does Binance Listing Have on Token Prices?
Recent months have demonstrated that token prices, particularly those of meme currencies, frequently experience notable price increases as a result of Binance listings. The prices of tokens tend to soar when Binance announces them for futures or spot trading.
Act I: The AI Prophecy (ACT) and Peanut the Squirrel (PNUT), two meme cryptocurrencies, attracted notice this week for their remarkable success after Binance listings.
Massive price spikes were caused by Binance’s announcement on November 11 that PNUT and ACT would be listed for spot trading. A week before the news, PNUT started to rise, and on November 11, its price had jumped by 827%.
Even more impressive was ACT’s performance. Following the news of its IPO, Binance’s price surged 1,695% in a single day and kept rising, reaching an incredible 2,820% increase over the course of the week.
Both PNUT and ACT made it into the top 10 Solana (SOL) meme coins by market capitalization as a result of these spikes; PNUT’s value reached $1.7 billion, while ACT’s was $693.6 million.
